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of the recovery phase of the economic cycle, monetary policy remains supportive but the extreme elements of it will be withdrawn at some stage.
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