It appears local lockdowns are effective and we would anticipate a pattern of rolling regional “releases and re-restrictions” to still allow for a solid recovery in aggregate in developed markets to the end of the year. Aside from China, which is ahead of the pack globally, emerging markets are on a similar recovery course, although a month or so behind developed markets.
Global Investment View Q4 2020
Your look into the most important investor insights for the quarter
Introduction to the latest quarter
The Global Investment View for Q4: 2020 distils the outcomes from the most recent meeting of Investec Wealth & Investment’s top strategic minds. Here, experts from the Investec Global Investment Strategy Group (GISG) offer their insights into the factors informing their risk positioning for the quarter, the medium term global outlook, how it will impact the South African economy, and what icebergs may lie ahead.
Summary of GISG findings by Chris Holdsworth
Executive view of the quarter
The Global Investment Strategy Group has maintained its risk budget score of neutral (a score of 0 on a scale of -3 to +3).
The GISG remains optimistic that the impact of the resurgence of the virus in Europe will be limited and are encouraged by recent trends in the US. Whack-a-mole strategies to control it, rather than wholesale, widespread restrictions will be the order of the day.
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The South African asset allocation committee has kept its recommended asset allocation unchanged from last quarter. The key calls are a retained overweight in domestic bonds and gold.
Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment SA
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Find out why the Global Investment Strategy Group has increased its risk budget score to risk on from neutral previously.
More insights from the GISG
Read more articles and thought leadership from the investment experts of the GISG.