09/30/2021 – We continue to favor equities over bonds and supplement with alternative investments that have little or no correlation to equities and interest rates. This includes crypto investments but also diversification into good hedge funds (where allowed), which help to reduce downside risks and somewhat smooth portfolio performance.
In equities, we build on future themes, quality and market leadership and thus companies that could also command higher prices in the market due to rising inflation. In our view, real capital preservation can be achieved primarily through equities. We also take profits from time to time and deliberately hold temporarily higher cash positions. We see significant corrections in the equity markets as an opportunity to increase our equity exposure again.
We remain strongly underweighted in bonds. Gold remains a supplement with a function as a hedge against inflation and crises.
Read more in the Strategy Update from the third quarter 2021.
For further information, we are at your disposal in personal conversations.