Q1 2021-Quarterly Investment Letter

Investors seem to be living in the best of all worlds. No central bank or government wants to remove economic support too quickly and monetary policy will remain very stimulative.

Joe Biden won the US presidency and besides the House, the Democrats have a chance to even get control of the Senate. The economic recovery is intact and consumer spending will underpin growth next year as household balance sheets are healthy and the unemployment rate has fallen.

Europe is lagging the US and market consensus expects the Eurozone to play catch-up and possibly even outperform. Europe typically benefits the most during a manufacturing upswing, especially when China’s industrial production growth is increasing.

China is the first economy leaving the pandemic behind and its recovery is at an advanced stage. Xi Jinping is unlikely to tolerate any kind of instability ahead of the 100th anniversary of the Communist Party of China in October 2021.

Full Quarterly Investment Letter Q1-2021

Alpinum Quarterly Investment Letter
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