piraeus bank group

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Investment Strategy Presentation Q2


For equity markets to maintaining the upward momentum requires a relatively quick announcement of a fiscal program in the US that has the characteristics of economic acceleration. In this context, we consider that we are in a period when high valuations and uncertainty about the transition to the new world continue to support a small defensive position in equity markets centered on the US market. Having increased equity exposure in the first quarter of the year, we maintain the underweight position for the next period. We continue to look for value where the reflation trade has not yet been adequately captured, and in this context we are further upgrading the position in the Eurozone to overweight by reducing positions from the small capitalization in the US.