On the ground it does not feel like it just yet, as Europe battles with a third wave of infections, but markets are fast proceeding to the Covid crisis exit door. Too fast? We do not think so and see room for further rotation.
The turn of the year already had already seen a very strong performance of cyclical assets, as investors positioned for a strong economic recovery. The rotation amplified in 21Q1, with safe-haven assets taking a hit, most specifically US Treasuries.
You can now read the full whitepaper at the link below
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