Opening up

Investment Outlook

Society is opening up – and so is the economy. Against this background, we continue to prefer equities over bonds. Over the past few months, equities have been performing strongly. But we believe there are more than enough reasons to remain positive on this asset class.

Investments in the second half of 2021: opening up

The year has started well for investors. Economies are opening up further and we expect the global economy to grow at an accelerated pace in the second half of the year. Against this positive backdrop, we continue to prefer equities over bonds. In this video, our Chief Investments Strategist Ralph Wessels gives a concrete and concise explanation of our investment strategy for the second half of 2021.

Strategic direction

Strategic Direction: opening up

We hinted at it in our previous Investment Outlook: an economic restart was imminent. This restart is now in full swing. Gradually, society is opening up. This means that the economy is opening up as well.


Economy: inflation is the risk to watch

Risky assets have had a buoyant start in 2021. A strong pickup in global growth, the prospect that this will continue and significant support from central banks and governments has been a wonderful backdrop for investors. What could possibly go wrong?


Equities: a balancing act

The beginning of the year has been very supportive for risky assets. Equity markets have continued to progress, and several equity indices in Europe and the US have hit all-time highs. Market leadership, however, has changed during the last few months.


Bonds: yields need not be a killjoy

Investors in safe government bonds will have to get used to negative yields. This is not an attractive prospect, given the possibility of positive returns on riskier investments, including various bond segments. Playing the role of safety buffer in a portfolio seems to be over for European government bonds.


Currencies: EUR/USD to decline again

We expect the euro versus the US dollar (EUR/USD) to continue to decline. This view is based on the outperformance of the US economy and a less accommodating US central bank over time, among other factors.

Equity thematic

The hydrogen economy: from grey to green

Hydrogen offers opportunities as an energy carrier. Now that the countries that emit the most CO₂ are striving to become CO₂-neutral in about 30 years’ time, the hydrogen economy is finally becoming feasible. This can create opportunities for investors.


Commodity markets benefit little from economic recovery

The economic recovery, aided by stimulus packages from governments and central banks, offers opportunities in risky assets. But in commodity markets, the positive effects of the economic recovery can be held back by supply-side conditions or rising interest rates.


Circular economy: strategy to combat climate change

Circularity: what is that exactly? With circularity, today's products are the raw materials for tomorrow. The circular economy is one of the solutions to climate problems, both ecologically and economically. And at the same time a challenge to us all.

Asset allocation

Asset allocation: a closer look at alternative assets

When investors structure their portfolios, one thing is essential: they need long-term return and risk expectations for each asset class. As a result, in an environment of very low interest rates, they will find that it may no longer be enough to invest in only stocks, bonds, commodities and cash.

The risks associated with investments

The risks associated with investments

Find out which type of investment suits you

Find out which type of investment suits you