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.
Utoquai 55
8008 Zürich
Switzerland
Investment Solutions
+41 43 888 45 60
Advisory
+41 43 888 60 60