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Investment Monthly - November 2021

In the expansion phase and after a phase of strong market performance, we need to be realistic about returns.
01 November 2021
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    • In the expansion phase and after a phase of strong market performance, we need to be realistic about returns. As unemployment rates fall, stocks should outperform bonds
    • Fixed income premia are close to zero – investors are not being rewarded for bearing risks in this space. However, the equity premium looks more neutral
    • Policy headwinds, Covid, the dollar outlook will weigh on EM performance. But Asia & EM fixed income remains the stand-out valuation opportunity