In the first weeks of March we reduced risk decisively and shifted all strategies and funds from equities and high yield bonds to high grade bonds, thereby avoiding the worst of the sell-off. Following the move to safety, our focus is now on how we can best capture the market upside moving through the current global recession and into the coming recovery. The end to the emergency phase of the corona virus and a gradual restart of the US and some European economies is in sight.The most important macro data continue to disappoint and there is no visibility on where unemployment will end, just how damaged confidence will be and therefore what will happen to the growth engines of the world, corporate investments and private consumption. Considering this uncertainty we remain defensively positioned and hereby bring an updated summary of the experience we have gained, and our plan for how and when we will again move back into high yield bonds and equities.
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