Jens Wilhelm, who is responsible for portfolio management and real estate on the Union Investment Board of Management, expects 2021 to be a year of capital market opportunities. He sees the prospects as being shaped by negative real returns, an expansive monetary and fiscal policy and progress in fighting pandemics.
Wilhelm thinks that shares are particularly promising. “Profits will be price drivers in 2021. We expect global corporate profits to grow by up to 30 percent year-on-year,” he says. At the same time, the low or negative real returns keep valuations at an elevated level. “It’s almost the best of all worlds for stocks,” says the capital market strategist. For the year as a whole, he believes the asset class will generate a return of up to 10 percent. He expects the DAX at 14,000 points by the end of 2021. Overall, he expects a change in the favored regions and styles. “The economic recovery will help cyclicals, but also value stocks over the course of the year,” he concludes. At the same time, Wilhelm emphasizes the chances of successful title selection: “Corona is a trend booster and leads to an increased differentiation between winners and losers.”
In real estate, he certainly sees some of the challenges triggered by the pandemic. Overall, however, Wilhelm considers the real asset-based and cash-flow-strong asset class to be attractive in the current environment. “The property remains an important part of a balanced portfolio, especially in times of negative real interest rates,” he is convinced.
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Stocks on the radar:Semperit, FACC, DO&CO, Warimpex, Agrana, Telekom Austria, Austrian post, Erste Group, AT&S, Athos real estate, Addiko Bank, Andritz, Wienerberger, Strabag, Rosenbauer, OMV, AMS, Cleen Energy, startup300, Composite, SW environmental technology, Rather S, Varta AG, HelloFresh, EVN.
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