Interim Investment Update - February 2021

Since our 2021 investment outlook in January, equity markets, depending on the region, have traded flat to slightly higher.

While this was not a completely smooth journey for risk assets, when we take a look back at the last couple of months we are reminded that opportunities are constantly presenting themselves within markets if we remain objective. In late January the US’ VIX volatility index (chart below) briefly spiked above $37 for the first time since just before the US Presidential Election back in November.
This move came as many market participants turned their attention to the Reddit-fueled volatility in specific stocks, driven by massive groups of united retail traders, coupled with the emergence of new virus strains and growing arguments between the European Commission and AstraZeneca over vaccine supply cuts. This short-lived move higher in the VIX represented a pullback in most global equities at the end of January, not just the United States, and allowed us at Seaspray to add to our core positioning, given our medium to long term constructive view on equities and indeed the global economy.

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