In our first conference call of the year ‘Investment strategies outlook 2023‘ we had the pleasure of knowing the point of view of the experts Ersnt Knacke, Head of Research at Shard Capital, and Antonio del Vaso, Head of Investment Services at Volksbank, on what would be the best way to approach portfolios in the new year.
2022 has left us with a new war, high levels of inflation, and rising rates, events that made last year a really complex year for everyone.
That said, the investment outlook for 2023 is uncertain, as it will depend on a number of factors such as the global economic recovery from the COVID-19 pandemic, the outcome of monetary and fiscal policies, and geopolitical developments.
How should we approach portfolios in 2023?
“For investors to ensure they understand the intrinsic value of their assets or their investments I think. Secondly, understand the liquidity profile of your investments. You can’t execute If you don’t have liquidity. Execution will be important this year, so people need to understand the liquidity profile of of their investments. And then, finally you need to have expected payoff profiles that offer asymmetric returns more upside downside”.Ersnt Knacke, Head of Research at Shard Capital
“Because the global context is very troubling at the moment we basically identified 8 points for the year. The first one is Ukraine. The prices already incorporate a long-term conflict. Another topic is the recession. It depends on how deep the recession will be, and if there will be a recession, so we still don’t know. Numbers are quite good for now. (…) For energy transition in the medium term it will be the central topic for investment, and to to diversified also the source of energy of an energy of virus countries”.Antonio del Vaso, Head of Investment Services at Volksbank.
In which themes are you currently finding the best investment ideas?
“We believe gold and gold miners offers very attractive potential returns, potential outcomes, especially in some of these unknown events or black swan events. Alternative, infrastructure, and alternative assets, we believe is attractive. Both digital infrastructure, but also renewable. infrastructure. I think these are assets that will continue to receive investments and offer attractive investment opportunities for for investors”.Ersnt Knacke, Head of Research at Shard Capital
“We think there there are still opportunities in energy and commodities. Infrastructure has, as mentioned by Ernst. Rates fixed income rates which are came back to significant level and interesting risk, reward, the profile”.Antonio del Vaso, Head of Investment Services at Volksbank.