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CBH Group Research  Quarterly Insight – Summer 2022

Quarterly Insight - Summer 2022

The Summer 2022 Quarterly Insight is out.

The first half of the year was characterized by increased volatility across major asset classes, with almost no place for investors to hide. Markets have been adjusting for the policy shifting from major central banks in order to tame inflation rather than stimulating growth.

In this challenging context, we are honored to share with you our macroeconomic and market anticipations for the next quarter in our “Quarterly Insight” publication.

In the fixed income asset class, after the strong back up in government bond yields during the first half of the year, we are increasing our exposure to high-quality government bonds.

Moreover, we are gradually increasing the average duration of our investment portfolios, by assuming that the market is already pricing in a high degree of monetary policy tightening and its inherent implications. In terms of equities, we remain cautious given the multiple risks that obscure the horizon.

Nonetheless, we are becoming more optimistic about Chinese equities. We expect most of the correction in China to be behind us and we see a more favorable regulatory environment and a more accommodative fiscal and monetary policy.

In commodities, we adopt a neutral to bearish view. After the strong and rapid rise in prices observed in many commodities this year, we are now facing more downside than upside risks, especially over the medium term as central banks are slowing economies to lower inflation.