14 MAR 2022
Headline news on Russia – Ukraine keep conviction low and volatility high in both directions; Equities have printed a few sessions of rebound but our conviction remains low.
Hawkish ECB meeting fell short of market expectation, pace of tapering is set to accelerate and forward guidance language changed.
A few sessions of equity rally brought credit spreads in the higher beta segment considerably tighter; 'household' low beta names remain the sweet spot; we are not convinced in the short lived rally and took the short window of rebound to further reduce high beta segments and switch into lower beta ones, net buying.
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