Investment Outlook

We have limited the duration in fixed income and are focusing mainly on shares in companies with enough pricing power to pass on the effects of inflation to the customer.

The outlook for the world economy has returned to positive. The latest consensus GDP growth estimates were minus 3,8% for 2020 but plus 5,2% for 2021 and plus 3,7% for 2022.

We continue to seek prudent investments in solid companies that trade at acceptable prices.

As we described in our Investment Outlook last quarter, we believe that the effects of the Covid-19 pandemic will have long-term adverse effects on the economy.

Our base scenario is that most of the impact and consequences of the Covid-19 pandemic will ultimately be limited in time.