piraeus bank group

Investment Strategy Presentation Q4/2016

Markets depend on central banks more than any other time in recent history. Expansionary monetary policies that sustain the rally and maintain low volatility are approaching the limits of their effectiveness – central bankers acknowledge the fact - and thus we should expect increased volatility both in economic terms but also in markets. We maintain an underweight position in equities and prefer exposure to corporate bonds, while retain increased exposure in cash in order to protect ourselves from increased volatility. We compensate for our defensive stance by opportunistically investing in individual high-beta markets where we are positive.