The House View from November to December, 2020

• Advancements on the COVID-19 vaccine will heavily boost recovery in 2021.

• Saving rates and a normalisation of the investiment spending drive growth.

• Economy and markets are and will be supported by monetary policies.

• Preference for mid and small caps.

• Preference for cyclical and quality value stocks.

• Stimulus in the eurozone will keep supporting the market.

• Faster recovery in the US and China compared to the Eurozone.

• Swiss equities downgraded because of low probability of earning surprises.

November - December, 2020