Tactical Asset Allocation
EU GDP figures showed that the output of the currency union contracted by 0.6% in the first quarter of 2021 relative to the previous quarter. Meanwhile, the US GDP grew 1.6% over the same period. This reflects the difference of approaches to the pandemic handling: while the EU prolongs lockdowns to contain the pandemic, the US rapidly distributes the vaccine, and gradually eases restrictions.
We keep our duration short and are overweight credit risk especially in Emerging Markets.
Note: This report is published by Clarus Capital Group AG