Horizon Q1 │2022
Reading time:30 MIN
Key messages of the capital market outlook:
- Mid-cycle year: We expect neither a strong acceleration nor a decelera-
tion in global growth but unsynchronised growth be-tween regions. This calls for a balanced position in re-gions, sectors and styles. - Inflation: The development of inflation and central banks' corre-
sponding reactions are likely to become the decisive fac-tors for capital markets. We expect inflation to decline but ultimately become more persistent. - Headwinds: Rising (real) interest rates are weighing on valuations and earnings growth is falling. Fundamentally, the up-side potential is getting smaller for equities, but alternatives are scarce due to the ongoing financial repression.
In the Insights interview our fund manager Christoph Mäder shows how to successfully invest in European bonds in a sustainable and impact-oriented manner.
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Prof. Dr. Bernd Meyer
Prof. Dr. Bernd Meyer has been Chief Investment Strategist at Berenberg Wealth and Asset Management since October 2017, where he is responsible for discretionary multi-asset strategies and wealth management mandates. Prof. Dr. Meyer was initially Head of European Equity Strategy at Deutsche Bank in Frankfurt and London and, from 2010, Head of Global Cross Asset Strategy Research at Commerzbank. In this role Prof. Dr. Meyer has received several awards. In the renowned Extel Survey from 2013 to 2017, he and his team ranked among the top three multi-asset research teams worldwide. Prof. Dr. Meyer is DVFA Investment Analyst, Chartered Financial Analyst (CFA) and guest lecturer for "Empirical Research in Finance" at the University of Trier. He has published numerous articles and two books and received three scientific awards.
Prof. Dr. Bernd Meyer
Chief Investment Strategist and Head of Multi Asset
Ulrich Urbahn
Ulrich Urbahn has been working for Berenberg since October 2017 and is responsible for quantitative analyses and the devel-opment of strategic and tactical allocation ideas, and is involved in capital market communications. He is a member of the Asset Allocation Committee and portfolio manager of the Berenberg Variato. After graduating in economics and mathematics from the University of Heidelberg, he worked for more than 10 years at Commerzbank, among others, as a senior cross asset strate-gist. Mr Urbahn is a CFA charterholder and was part of the three best multi-asset research teams worldwide in the renowned Extel survey for many years.
Ulrich Urbahn
Head of Multi Asset Strategy & Research
