2021 Half-Year Investment Review & Outlook

Introduction……

Since the release of our 2021 Investment Outlook in January as we expected, we have seen vaccination roll-outs accelerating and lockdown measures gradually easing. As western countries have fully vaccinated the vulnerable within their populations and are now providing vaccines for adults of all ages, we are really starting to see some light at the end of the tunnel.

With global equities now well above pre-pandemic levels, we acknowledge that there will be pullbacks along the way. However, we would argue that risk assets can still move higher, driven by a combination of robust earnings growth, still-attractive valuations relative to bonds, and accommodative central banks who are reluctant to tighten policy prematurely and stifle economic growth.


Amid our optimistic bias for the medium to long term, we believe at Seaspray that opportunities will
continue to present themselves within specific asset classes as we move through the summer and through H2 2021. Looking ahead to the second half of the year, the global economy looks well positioned to register a significant rebound in activity. As we advance out of the recovery phase of the economic cycle, monetary policy remains supportive but the extreme elements of it will be withdrawn at some stage.

To read our full review, please download here or view pdf below:

Seaspray-FINANCIAL-Half-Year-2021-1

If you would like to discuss anything raised above or would like a review of your financial position, please do not hesitate to contact us

Tel:  +353 1 70 70 000           or       info@seasprayfs.ie

Warning: The value of your investment may go down as well as up and you may lose some or all of the money you invest. Past performance is not a reliable guide to future performance. Investments denominated in a currency other than your base currency may be affected by changes in currency exchange rates.

https://seasprayfinancialservices.ie/important-disclosures/

This material is approved for distribution in Ireland by Seaspray Financial Services Ltd .It is intended for Irish retails clients only and is not intended for distribution to, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. Seaspray Financial Services Ltd Ire (“SFS”) is regulated by the Central Bank of Ireland.

Where SFS wishes to make this and other Seaspray Financial Services Ltd research available to Retail clients, such information is provided without liability and in accordance with our terms and conditions that are available on the SFS website.

No report is intended to and does not constitute a personal recommendations or investment advice, nor does it provide the sole basis for any evaluation of the securities that may be the subject matter of the report. Specifically, the information contained in this report should not be taken as an offer or solicitation of investment advice, or to encourage the purchased or sale of any particular security. Not all recommendations are necessarily suitable for all investors and SFS recommend that specific advice should always be sought prior to investment, based on the particular circumstances of the investor either from your SFS investment adviser or another investment adviser.

SFS takes all responsibility to ensure that reasonable efforts are made to present accurate information but SFS gives no warranty or guarantee as to, and do not accept responsibility for, the correctness, completeness, timeliness or accuracy of the information provided or its transmission. This is entirely at the risk of the recipient of the report. Nor shall SFS, its subsidiaries, affiliates or parent company or any of their employees, directors or agents, be liable to for any losses, damages, costs, claims, demands or expenses of any kind whatsoever, whether direct or indirect, suffered or incurred in consequence of any use of, or reliance upon, the information. Any person acting on the information contained in this report does so entirely at his or her own risk

All estimates, views and opinions included in this research note constitute Seaspray Financial Services judgment as of the date of the note but may be subject to change without notice. Changes to assumptions may have a material impact on any recommendations made herein.

Unless specifically indicated to the contrary this research note has not been disclosed to the covered issuer(s) in advance of publication.

Past performance is not a reliable guide to future performance. The value of your investment may go down as well as up. Investments denominated in foreign currencies are subject to fluctuations in exchange rates, which may have an adverse affect on the value of the investments, sale proceeds, and on dividend or interest income. The income you get from your investment may go down as well as up. Figures quoted are estimates only; they are not a reliable guide to the future performance of this investment.

Conflicts of Interest & Share Ownership Policy

It is noted that research analysts’ compensation is impacted upon by overall firm profitability and accordingly may be affect ed to some extent by revenues arising other Seaspray Financial Services Ltd business units including Investment Management and Corporate Finance. Revenues in these business units may derive in part from the recommendations or views in this report. Notwithstanding, Seaspray Financial Services Ltd is satisfied that the objectivity of views and recommendations contained in this note has not been compromised. Nonetheless Seaspray Financial Services Ltd is satisfied that the impartiality of research, views and recommendations remains assured.

Analyst Certification

Each research analyst responsible for the content of this research note, in whole or in part, certifies that: (1) all of the views expressed accurately reflect his or her personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that research analyst in the research note.

We have assessed the publication and have classed it as Research under MIFID II. All charges in relation to this publication will be borne by Seaspray Financial Services Ltd

EON.

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