Portfolio December 2022

The last two months have been characterised by solid company results, a healthy labour market and stable consumer spending. Equity markets have recovered. And now US inflation data for October has supplied a further dose of good news.

Almost 60 percent of US companies exceeded investors’ expectations on the sales front, making them a driving force for the recovery on the equity markets. The geopolitical situation has also eased somewhat: The mid-term elections in den US were relatively uneventful, and the energy situation has also improved slightly. And although China is continuing its zero-COVID policy, the supply chain bottlenecks are no longer as severe. Russia appears to be increasingly isolated in its war in Ukraine. All these factors provided a second pillar that gave at least a short-term boost to market confidence.

Despite these positive signs, the environment remains challenging for investors. How should they react? Is now the time to make portfolio adjustments? You will find our assessment here.