Portfolio March 2023

Optimism proved the dominant emotion in the markets during the first few weeks of the 2023 investment year. The threats posed by inflation and risks of a recession disappeared almost entirely from the perception of investors. But a considerable amount of the ground gained was then conceded in February.

Prices of shares and fixed-interest securities have recovered; the economic situation is looking sound. Stock exchange sentiment has improved even though the geopolitical situation is still very tense. Developments on the labour markets, too, are gratifying. But where are prices and inflation headed? How are the central banks responding?

How should investors react to this situation? Is now the time to make portfolio adjustments? You’ll find our assessment here.