Monthly Market Outlook Analysis And Positioning

How would investors have positioned themselves if they had correctly foreseen the course of the Covid-19 pandemic twelve months ago? Global equities (MSCI AC World Index) had already fallen by 14% in February 2020. In March, they fell by a further 24%, before the subsequent recovery enabled prices to rise by a full 30% over a twelve-month period. Even compared to the record high of mid-February 2020, shares have gained 13% to date, with the Nasdaq 100 leaping by 31%.