Every quarter, our fund managers analyse trends in the global economy and financial markets. Read their views on the first quarter of 2022.

Macroeconomic environment

• Despite the ongoing pandemic, global economic growth remains robust.
• The US Federal Reserve has ditched the word ‘transitory’ to describe the rise in inflation, which has reached its highest level since 1982.
• Unlike its US counterpart, the ECB does not plan to raise its key interest rates in 2022.

Financial markets

• In an environment marked by negative real interest rates, equities remain the best option.
• However, the prospect of monetary tightening in the US is likely to increase market volatility.
• The rotation to value stocks may last for some time but these companies do not create much value in the long run.

Guy Wagner, Chief Investment Officer

Originally from a family of entrepreneurs in Luxembourg and with a degree in Economics from the Université Libre of Brussels, Guy joined Banque de Luxembourg in 1986, where he was successively responsible for the Financial Analysis and Asset Management departments, then became Managing Director of BLI - Banque de Luxembourg Investments, an asset management company newly created in 2005.

From July 2022 on, he devotes himself exclusively to his role as Chief Investment Officer, to the management of the portfolios and to the management of the team in charge management of the various funds.

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