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Investment Outlook: Positioning ahead of normalisation

The capital market is adapting to new conditions as we move from the dramatic recovery phase to more normal growth and inflation rates. We expect fiscal and monetary policy to move in the same direction, with stimulus measures slowly being dismantled. This will decrease market potential, but we still consider it positive.

“We can be happy that the corporate sector has engineered a phenomenal earnings recovery, which is the main reason why stock market returns have been so strong. Such positive factors as a high global economic growth rate and continued corporate earnings increases are being offset by high absolute valuation levels, investors’ aggressive positioning and high total debt. Our assessment is that the capital market is preparing itelf for the normalisation phase. In this environment, we have chosen to reduce risk somewhat in our model portfolios,” says Fredrik Öberg, Chief Investment Officer, SEB Private Banking. 

As usual we also present theme articles on current topics. In this September 2021 issue of Investment Outlook, we take an in-depth look at the green transition: its status, ambitions and what investment opportunities may arise. Our second theme article examines long-term bond yields and answers the question “Where are yields headed?” The third theme article delves into digital education, which has played a vital role during the lockdowns resulting from the worldwide COVID-19 pandemic. 

Investment Outlook can be read in its entirety or as a two-page summary at www.seb.se/investmentoutlookreport, where you will also find a web video.

For further information, contact:
Fredrik Öberg, CIO
+46 70 767 6179

Press contact:
Niklas Magnusson, Group Press Officer
+46 70 763 8243

SEB is a leading northern European financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. We take a long-term perspective and support our customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in our presence in more than 20 countries worldwide, with around 15,500 employees. At 30 June 2021, the Group's total assets amounted to SEK 3,445bn while its assets under management totalled SEK 2,401bn. Read more about SEB at https://www.sebgroup.com