
December 2020 Investment outlooks 2021
Our investment teams from around the globe outline their expectations for 2021 to help investors plan for the coming year, wherever the markets take us.
Paul Jackson. Global Head of Asset Allocation Research and András Vig. Multi Asset Strategist
Looking at global stock indices, you wouldn’t know there had been a global pandemic and recession during 2020.
On the other hand, gold bears witness to the problems and Bitcoin has recently taken up the mantle. Applying our gold model to Bitcoin suggests a fair value closer to $9,000 than $19,000.
Our investment teams from around the globe outline their expectations for 2021 to help investors plan for the coming year, wherever the markets take us.
Banks have been one of the best performing sectors since the middle of October driven by hopes of a quick economic recovery. It would be logical to expect strong outperformance from the sector in the early part of an expansion on the expectation of improving margins and higher demand for loans. However, we think that low rates are here to stay for the foreseeable future and banks may have taken on loans that they would avoid in other circumstances.
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The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested
All data is as at 4 December 2020 unless otherwise stated.
Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice.
This document is marketing material and is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities.