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Quarterly Q2 2021

12th April, 2021

Highlights of the current edition

Global equity markets started the new year on a positive note. Solid earnings reports for Q4 2020 and good progress in the vaccination campaigns (at least in some parts of the world) spurred investors’ risk appetite once again. The US central bank Fed expects inflation to pick up in 2021, albeit not to the degree that would impact the central bank’s current policy. After just two months in office, the Biden/Harris administration came up with a monumental USD 1.9 trillion stimulus bill which is expected to add up to 3.0% to the US GDP. The Swiss economy contracted by 3.4% in 2020, which is less than the US (-3.5% in 2020) or the Eurozone (-6.8% in 2020). However, it is remarkable that Switzerland is expected to grow by +3.3% in 2021, indicating that last year’s devastating effects on domestic GDP would almost be
fully recovered. With the end of the pandemic in view and the ongoing fiscal stimulus across the globe, the medium- to long-term investment case for global equities still looks compelling. However, there could be some short-term challenges unless additional (positive) triggers confirm investor expectations. We see an active approach with a strong tilt towards quality attributes as a critical success factor in the current environment. In that regard, we continue to advocate for a balanced portfolio construction considering both value and growth stocks (so-called barbell strategy). Investors ought to better retain a cautious attitude towards fixed income markets, as longer-dated yields are expected to face upward pressure first from a strong comeback of economic growth and later from higher inflation.

ACTIVE ASSET MANAGEMENT

INDEPENDENT INVESTMENT DECISIONS.

TRANSPARENT AND LIQUID STRATEGIES WITH ATTRACTIVE RISK-RETURN PROFILES.

A HIGHLY DISCIPLINED APPROACH TO RISK.

Tramondo Investment Partners AG is the investment arm of a multi-family office group that has existed for over 40 years. We are at home in the heart of the old town of Zug, Switzerland.

WHAT WE STAND FOR

Cost-efficient investment solutions specially designed to meet the needs of independent asset managers, family offices and pension funds.

Our fund solutions are specifically tailored to the needs of institutional investors. For those professional mandates that require a different solution for regulatory, compliance, or investment-specific reasons, we are happy to implement managed accounts and other investment structures.

Our strategies aim to create value for our investors through active management.

Risk management is an integral part of our disciplined and transparent investment process. Investors know they can rely on the watchful eye of our robust risk control system.

The right partners make all the difference – this is why we thoroughly analyse potential setup partners (custodian banks, auditors, etc.) and select companies that have been established for many years.

Investor benefits include:

  • Attractive risk-adjusted returns
  • Cost-efficient implementation
  • Transparent reporting
  • Independent monitoring and cost control
Actively managed European “onshore” products to the highest international standards.

Other Tramondo Publications

Market Compass 02/24 –
US equity markets heading to new highs

Market Compass 01/24 –
Falling bond yields make for an euphoric end to the year

Year-end reading list ’23

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