Kaiser Partner Privatbank – Monthly Market Monitor December 2020

Monthly Market Monitor

December 2020

Table of contents Satellite View Geopolitical heat map

In a Nutshell

Our view on the markets

07

04 Macro Radar

Theme in Focus What does President Biden mean for the

Taking the pulse of

financial markets?

Asset Allocation Notes from the Investment Committee

08

economic activity

The Back Page

10

06

Asset classes & agenda

ESG - Sustainability Corner Everything for a green label

12

11

Kaiser Partner Privatbank AG | Monthly Market Monitor - December 2020

3

In a Nutshell

Our view on the markets

All eyes are looking ahead Many people are eager to say goodbye and good riddance to the year of the coronavirus, which was an extraordinary one in many ways, so it’s good that 2021 is just around the corner. The year ahead promises to be much better, at least with regard to economic growth prospects. Base effects and pent-up demand effects alone are reason enough to anticipate a vibrant burst of growth next year. Although there are still many question marks about the vaccine against COVID-19, the hopes of a victory against the pandemic suggest that the trough in economic activity is now behind us.

Further monetary and fiscal policy assistance needed Stimulus aid is still needed, however, and this is apparent even to those governments that have leaned toward fiscal conservatism in the past (like the government of Germany). So, the year ahead will continue to see further economic support and correspondingly large budget deficits. Another, albeit smaller, economic stimulus package is expected in the USA as well. Central banks will again do their part by continuing to dispense copious liquidity injections.

Geopolitics remains relevant Even though Donald Trump’s term as US president and his steady steam of tweets from the White House will soon be over, the global geopolitical situation remains a

Chart of the month The aftermath of an economic crash… | …is the prelude to an upturn Growth expectations for the G8 countries 6% 4% 2% 0 -2% -4% -6%

2018

2019

2020

2021

2020

2019

2018

2017

2016

-8%

2022

Sources: Bloomberg, Kaiser Partner Privatbank

4

Monthly Market Monitor - December 2020 | Kaiser Partner Privatbank AG

great challenge. The rivalry between the United States and China will continue under Joe Biden. Europeans, meanwhile, are also becoming increasingly critical toward the Middle Kingdom.

Stock prices (and investor sentiment) at highs November brought investors lots of good news on the vaccine front and soaring stock prices. The year-end rally in the USA propelled the Dow Jones Industrial Average index to a new record high above 30,000 points.

However, investor sentiment at the moment is just as high as stock prices are. A lot of positive news and optimism is already priced in now, and the bulk of investors expect share prices to climb higher. This is likely to brake further price advances in the near term at least.

Return expectations for 2021 Thanks to the liquidity-driven rally on the equity markets, it appears that the impact that the year of the coronavirus had on investor portfolios ultimately won’t be as bad as feared. Although prognosticating return forecasts for 2021 is a popular pastime at the moment, as is customary at year-end, we are being cautious about making percentage-point projections for next year. One can say with greater certainty, though, that the expected returns on a diversified portfolio in the years ahead are lower than in the past because almost every asset class is richly valued at present.

The outgoing year 2020 was extraordinary in many respects. And it was literally off the charts in terms of economic growth – economists repeatedly had to extend the y-axis downward on their growth charts.

The consensus economic growth estimate for the year of the coronavirus stood at around –5% at last look.

That’s a figure that can only improve in 2021. And, in fact, a robust recovery is foreseen for the year ahead.

A mass-market vaccine against COVID-19 and pent-up demand effects in a number of different sectors of the economy should enable above-average growth rates to be achieved in the industrialized countries. Current projections for 2022 also foresee growth above the recent-year average. However, in many countries, it will probably take at least until 2022 to recoup the growth lost due to the coronavirus pandemic.

Kaiser Partner Privatbank AG | Monthly Market Monitor - December 2020

5

Macro Radar

Taking the pulse of economic activity

Huge recovery potential…

In the wake of the 2020 coronavirus recession, the omens for 2021 are pointing to a recovery in economic activity. Base effects and pent-up demand effects should lead to a vigorous burst of growth from spring onward. The consensus growth estimate for the G8 countries stands at an above-average level of almost +4%. But before the situation improves, another dip in growth is expected for the fourth quarter of this year, particularly due to the slump in service-sector activity.

Whenever a year draws to a close, sights customarily turn to the economic outlook for the year ahead.

In 2021, COVID-19 will continue to set the pace of economic growth. The prospects of an effective vaccine give reason to expect a robust recovery in economic activity, but there are also downside risks.

…but also downside risks But the economic upturn scenario also harbors downside risks. If governments prematurely ease restrictions imposed to contain the pandemic, that might end up unleashing yet another COVID-19 infection wave that could inflict more lasting harm on economic activity.

No end to the money glut in sight | Central banks to stay ultra-accommodative next year Expected volume of quantitative easing in 2021

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0.6%

0.4%

0.2%

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Record-low inflation Governments in Europe are unlikely to stand in the way of an economic recovery. Quite the contrary, in fact, huge budget deficits are in the offing again – the European Union and its member states recently greenlighted them. The European Central Bank (ECB) also looks set to contribute considerable support. Now that headline inflation in the Eurozone stayed negative in November for the fourth consecutive month and core inflation retreated to a new all-time low (0.2%), the ECB is likely to announce a significant expansion of its bond-buying program and more generous financing conditions for banks on December 12.

Yellen poised to return In the United States as well, central bankers look set to continue to provide major stimulus to the economy and the financial markets. The same goes for former US Federal Reserve Chairwoman Janet Yellen, who was recently nominated by President-elect Joe Biden to serve as the new US Treasury secretary. Yellen in the past has advocated for a strong government hand at the levers and now could put her words into action in her new position. In addition to expensive economic stimulus programs, a harder line on the banking industry can also be expected from her.

1.0%

U SA

But there are also many question marks about the eagerly awaited vaccine: How much of it will be available for whom, and when? How effective is it (and what are its side effects) over the long term? And who wants to get vaccinated in the first place?

Sources: Morgan Stanley, Kaiser Partner Privatbank

Consensus estimates

Kaiser Partner Privatbank interest rates view 2019

2020

2021

GDP growth (in %)

3M

12M

Switzerland

0.8

-4.9

3.8

Switzerland

-0.75

→

→

Eurozone

1.2

-7.3

4.6

Eurozone

-0.50

→

→

UK

1.3

-11.2

5.4

UK

0.10

→

→

US

2.3

-3.6

3.8

US

0.25

→

→

China

6.1

2.0

8.1

China

2.95

→

→ →

Inflation (in %)

10-year yields (in %)

Switzerland

0.4

-0.7

0.2

Switzerland

-0.53

→

Eurozone

1.2

0.3

0.9

Eurozone

-0.54

→

→

UK

1.8

0.9

1.4

UK

0.35

→

→

US

1.8

1.2

1.9

US

0.93

→

→

China

2.9

2.7

1.8

China

3.31

→

→

Sources: Bloomberg, Kaiser Partner Privatbank 6

Last Key interest rates (in %)

Monthly Market Monitor - December 2020 | Kaiser Partner Privatbank AG

Sources: Kaiser Partner Privatbank

Satellite View Geopolitical heat map

Polarization in the USA It has become clear now that Donald Trump will move out of the White House in January and that Joe Biden will take over as the new US president. But four years of Trump and the acrimonious election battle have left marks on America. The USA is more divided than ever, and the ravages of the pandemic are likely to further widen the country’s political and social rifts. The persistent state of agitation afflicting the world’s largest national economy is also not necessarily a good sign for the rest of the world.

USA vs. China The conflict between the United States and China is simmering on a number of different burners. The trade quarrel has calmed down a bit lately, but it’s already foreseeable today that China will not be able to keep its import volume promises to the USA, so this issue

likely will soon be back on the agenda. The Americans, meanwhile, are constantly ratcheting up the pressure on Chinese companies. And the rattling of sabers continues in the South China Sea. Brexit countdown Endless Brexit talks still haven’t yielded a solution yet. The window for ratifying a post-Brexit treaty by year-end has actually long since closed. The negotiations most recently threatened to founder over the economically insignificant issue of fishery rights. However, the past years have shown that one can always just kick the Brexit can down the road some more. So, it appears possible that another transitional arrangement will be worked out to stall for time. But one can’t count for sure on that happening. A hard Brexit therefore remains more than just a residual risk to the very last second.

Geopolitical developments do not stop at the gates of the financial markets.

On the contrary, they have become an increasingly important influencing variable in recent years. Our Satellite View takes a look at the major hotspots at the moment.

Kaiser Partner Privatbank AG | Monthly Market Monitor - December 2020

7

Asset Allocation

Notes from the Investment Committee

The year-end rally got off to an especially early start this year and lifted (US) equity markets to new alltime highs. Since the good news is already priced in by now, further upside potential looks limited for the near term, but the outlook for next year is constructive.

Asset allocation monitor -

+

-

Cash

Equities

Fixed Income

Global

Sovereign bonds

Switzerland

Corporate bonds

Europe

Microfinance

UK

Inflation-linked bonds

US

High-yield bonds

Emerging Markets

Emerging markets bonds

Alternative assets

Insurance-linked bonds

Commodities

Convertible bonds

Gold

Duration

Real estate

Currencies

Hedge funds

US dollar

Structured products

Swiss franc

Private equity

+

Euro British pound

Equities: Torrid year-end rally Scorecard • November brought a profusion of promising news + reports on COVID-19 vaccine research in the media, Macro and a plethora of green plus signs was encountered Monetary/fiscal policy just as frequently on stock exchanges over the past Earnings month. Equity markets cheered the news of vaccine Valuation breakthroughs by launching a prodigious display of Trend share-price pyrotechnics that propelled benchmark Sentiment stock indices in the USA to new all-time highs. Technology stocks, for once, weren’t the winners, but rather the laggards. Instead, cyclical sectors and small term outlook for stocks is constructive because we caps in particular topped investors’ shopping lists this expect to see not just a robust surge in economic time. The USA’s Russell 2000 small-cap index surged growth in 2021, but also a sharp increase in corby around 20% over the past month, posting an allporate earnings. Even though analysts’ earnings time record monthly gain. estimates have already become very ambitious • When markets hit new all-time highs, the technical again and are likely to get revised downward going analysis situation is always positive from a purely obforward, earnings will increase considerably on baljective standpoint because there are no longer any reance and will give the liquidity-driven bull market a sistance levels derived from historical prices. Neverthefundamental underpinning as well. less, further upside potential looks limited for the near term because the November rally already priced in a Fixed income: Interest-free risk lot of good news and hopeful expectations. This is also • “The abyss is the limit” one might think when lookdeducible from investor sentiment, which has been ing at yields on European government bonds. The flashing euphoric optimism lately. Retail investors and yield on 10-year Spanish sovereign debt, for instock newsletter writers are bullish on stock markets stance, dropped to a record low of just 0.05% in late and are already positioned accordingly, judging by the November while the yield on 10-year government fund-flow data on equity funds and ETFs. The extra bonds from Portugal actually even touched the 0% buyers needed to push markets even higher to new line. Sovereign yields fell to new lows as market parrecord levels may not materialize in the near term. ticipants priced in new monetary easing moves ex• Looking ahead to next year, however, the mediumpected this month from the European Central Bank 8

Monthly Market Monitor - December 2020 | Kaiser Partner Privatbank AG

apex of the pandemic is behind us (and the corona(ECB). The second wave of the pandemic, bleak virus recession will soon be as well). However, the service-sector business sentiment and low inflation long-term gold bull market and its drivers (centralgive ECB sufficient arguments to justify further monbank monetary policy accommodation, low interest etary policy accommodation even though it is hardly rates, a dearth of decent investment alternatives) likely to do much for the real economy. are still intact. Gold thus remains a key element of a • In the USA, the Federal Reserve looks set to keep diversified portfolio for the year ahead. whatever monetary policy ammunition it has left dry in December. Although bonds on the other side of the Atlantic are not necessarily an interest-free Currencies: EUR/USD exchange rate above 1.20 risk, there, too, bond investors are no longer receiv- • EUR/USD: The euro breached the magic 1.20 mark against the US dollar at the start of December. Its ing much compensation for taking on risks, not even break through this resistance level represents a when they’re lending money not to the governloud and clear buy signal from a technical analysis ment, but to businesses. The Bloomberg Barclays standpoint and further brightens the outlook for US Investment-Grade Corporate Bond Index, for inthe euro next year. The only cautionary note is that stance, recently registered a new record-low yield of a bullish stance on the euro for 2021 has already 1.8%. Whoever wants to pocket more interest has become the consensus view and big bets on the to climb higher up the risk ladder. Bonds from less euro continuing to climb higher have already been creditworthy companies in the high-yield segment placed on futures markets. are still offering a premium of 4 percentage points • GBP/USD: The British pound recently has also again over government bond yields at the moment. approached a key threshold at 1.35 against the US dollar, which marks the point where sterling previously Alternative assets: OPEC’s resolve tested topped out in December 2019 and again in September • Hopes of a vaccine becoming available soon were also 2020. The odds of the pound climbing above this level reflected on the petroleum market in November as are a bit worse than before, however, because the the price for a barrel of Brent crude oil rose by almost Brexit risk premium has already largely been priced out 25%. The members of the Organization of Petroleum in recent weeks while a compromise in negotiations Exporting Countries (OPEC) were nonetheless not in a with the European Union has been priced in. Sterling’s celebratory mood during their virtual meeting at the potential to surprise therefore lies on the downside. start of the month. The oil cartel once again faced a test of its resolve. It consequently took much longer • EUR/CHF: The euro also gained ground against the Swiss franc in November. However, the vaccine euthan originally envisaged for it to reach an agreement phoria and the general risk-on mode on the finanon extending its production cuts until mid-2021. cial markets didn’t benefit the euro all that much • The “alternative currencies” gold and Bitcoin have compared to other rather cyclical assets, at least not trended in opposite directions in recent months. against the Swiss franc. That’s because the franc’s Whereas the yellow precious metal has shed around strength derives not just from its defensive qualities, 15% of its value since the start of August, the cryptobut also from its solid fundamentals. The franc therecurrency has seen its value appreciate by two-thirds. fore looks set to hold relatively steady in the coming Gold in its function as a protection against crises apyear of economic recovery. pears less attractive at the moment now that the

Chart in the Spotlight

The end of the year is also a time for analysts and their forecasts – for fundamental and technical analysts alike. Part of the annual ritual is to predict where various financial-market variables will stand at the end of the year ahead. Forecasts for the USA’s benchmark S&P 500 index have continually been raised in recent weeks. Experts on average expect to see an index level of 3,900 points at the end of 2021, which would equate to a 10% increase from the current level. This kind of 10% optimism is likewise a recurring phenomenon each year. But technical analysts currently see something else facing the S&P 500 index: a triangle pattern. This poses an obstacle to major advances next year and promises continued elevated volatility.

Will a breakout succeed? | S&P 500 in a triangle pattern S&P 500 index 4,000

3,500

3,000

2,500

2,000

1,500

2020

2019

2018

2017

2016

2015

1,000

Sources: Bloomberg, Kaiser Partner Privatbank Kaiser Partner Privatbank AG | Monthly Market Monitor - December 2020

9

Theme in Focus

What does President Biden mean for the financial markets?

The fog left in the wake of the recent US elections is clearing gradually, raising the question of what President-elect Joe Biden and his policy agenda mean for the outlook on the financial markets. Their impacts, to put it succinctly, are likely to be on the mild side.

Presidential tweets set to become a scarce commodity Over the last nearly four years, Donald Trump has fired off around 200 tweets on the stock market from the Oval Office, usually when share prices were rallying or new records were broken. But every now and then his tweets also caused stock prices to plunge momentarily, for instance whenever the trade war with China flared anew. Compared to the Twitter antics of President Trump, things look set to get relatively boring for stockmarket participants under President-elect Joe Biden. He is unlikely to regularly send tweets commenting on the state of the Dow Jones index, nor is he likely to further tighten the screw on import tariffs. Since the president of the United States has a relatively large degree of latitude in shaping and steering foreign policy, relations with the USA’s trading partners are one policy area where Biden may put investors at ease, because the titfor-tat slugfest with China has in fact taken a significant toll on US corporate earnings. Even a partial rollback of the reciprocally imposed tariffs would noticeably lift the bottom lines of corporate income statements and would send a positive signal to the equity market.

Gridlock – everything to stay the same?

And in other policy areas as well, a disruption unleashed in the style of Trump, who slashed the corporate tax rate (from 35% to 21%) upon taking office and ignited a banner year for stocks in 2017, looks very unlikely under the most probable political scenario today, which foresees a continued divided balance of power in the US Congress and thus no upswell of the hoped-for (or feared) “blue wave.” It’s true, though, that the state of

Green wave | Bull market in renewable energy Share-price performance of Invesco Solar ETF 100

80

60

40

20

Sources: Bloomberg, Kaiser Partner Privatbank 10

Monthly Market Monitor - December 2020 | Kaiser Partner Privatbank AG

2020

2019

2018

2017

0

Georgia is still scheduled to hold two run-off elections between Democratic and Republican senatorial candidates in January. If the Democrats win both seats, they would deadlock the Senate and effectively take control of the upper house. However, betting markets currently give the Democrats only a one-in-three probability of winning both of Georgia’s Senate seats. So, it looks as though political gridlock might prevail in Washington D.C. for at least two more years. Without Democratic control of Congress, Joe Biden would have to scrap or dial down many elements of his policy agenda. A bill to raise corporate taxes would be just as much off the table as a bill to raise the federal minimum wage to USD 15 per hour. In a gridlock scenario, the earnings of publicly traded companies are likely to remain largely unaffected by politics in general.

A green instead of blue wave The healthcare industry, too, can probably live easily with a stalemate in Congress. Political steps to cut drug prices and to reduce the high market concentration in the healthcare sector appear to be off the table for now. In the near term, the healthcare industry may actually even benefit from stepped-up investments in medical technology and personal protective equipment, in large part due to the COVID-19 pandemic. The IT industry has already taken the precaution of cozying up to Democrats in recent weeks. Under the Biden administration, the IT sector is arguably unlikely to fare worse than it has during the past several months, in which big tech names like Amazon, Google et al. have already been facing more critical scrutiny than before. In any case, going the extreme route of breaking up the tech titans appears to be ruled out, and the internet giants could certainly live with merely having to pay settlements or fines. Producers and equipment suppliers in the alternative energy sector are also likely to get along well with President Joe Biden and earn a good livelihood. Biden has already publicly vowed to correct his predecessor’s blunder and rejoin the Paris climate accord in January 2021, and his administration appears intent on delivering on those headlines afterwards.

It says it intends to transition the USA to climate neutrality by 2050 and to invest USD 2 trillion in the development of renewable energy over the next ten years. Investors, as so often happens, have already largely priced in the future “green wave” scenario. So much so, in fact, that one ETF focused on solar energy stocks, for example, has seen its share price surge by a third since the US elections and soar by around 200% year-to-date.

ESG- Sustainability Corner Everything for a green label

“Green” marketing…

Mutual fund companies have a knack for relabeling their funds to make them more attractive to investors.

In the late 1990s, many mutual funds changed their names to include the word “growth” or similar expressions to communicate to investors that their portfolios offered considerable exposure to booming technology stocks. Today, a growing number of mutual funds are similarly adding words like “green” or “sustainable”, or acronyms like “ESG”, to their names to attract investor capital. One can easily imagine that there might also be some rogue fund companies that simply stamp a new, “green” seal on their products without actually changing their contents, a practice called greenwashing. Since the sustainable investment market is growing rapidly, it would certainly be tempting for fund companies to engage in this practice. …isn’t necessarily greenwashing But are such investor concerns really warranted? A recent study authored by two professors in Canada refutes them, at least with regard to the United States.

The professors analyzed US investment funds that altered their names between 2003 and 2018 to sound greener. Those funds that underwent name changes were indeed rewarded with increased net inflows of investor capital. In the year following the name change, the net inflow of money into the average fund increased by 1.18% per month (or 14.2% per year).

Since actively managed funds registered an aggregate net outflow of money during the observation period, the increase in inflows into name-change funds relative to the overall market was even stronger (+1.83% per month, or +22% per year). In theory, those large inflows of money are incentive enough for mutual fund companies to engage in greenwashing. Those that have tried this, though, haven’t gotten away with it in actual practice because investors appear to see through the ruse. The funds with the biggest net inflows were namely ones that already had exhibited a high beta to ESG indices prior to their name change (i.e. they already had a relatively green portfolio) or ones that registered a significant increase in portfolio transactions in the year after their name change. This increase in portfolio turnover was likely due to the fund managers actually modifying their portfolio allocations to make them greener. Funds with a low beta to ESG indices and little increase in portfolio turnover registered very little or no additional inflows, in con-

trast. The investor flows simply bypassed funds that were merely greenwashed.

One snag: Small sample size There is another piece of good news for investors. Although some of the funds that changed their names restructured their portfolios, their overall characteristics with regard to investment style (e.g. value or growth) or regarding the targeted market capitalization of the stocks in their portfolios (small caps or large caps) remained stable by and large. Investors thus didn’t get a totally new fund after the name change. They simply got a greener fund managed by the same experienced managers in the same style they were already accustomed to. There is one (small) fly in the ointment, though. The study published in April 2020 only examined a total of 28 funds, which ultimately is too small a sample from which to draw generalized conclusions.

But it is certainly a good starting point for deeper research on this topic in the years ahead.

Products with “green” labels sell, which is why the vibrant demand for sustainable investment assets also has its downsides: copycat fund companies theoretically could take advantage of this demand by casting their products in a green patina to scoop up more investor capital. A recently published study, however, sounds the all-clear on this potential problem.

It’s all in the name | More and more mutual funds are greening themselves Number of funds with a “green” name change

7

6

5

4

3

2

1

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Sources: El Ghoul and Karoui (2020), Kaiser Partner Privatbank

Kaiser Partner Privatbank AG | Monthly Market Monitor - December 2020

11

The Back Page Asset classes & agenda

Performance as of 30 November 2020 Asset class

year-to-date

Cash

0

1 month

1 year

3 years

Cash CHF

-0.6%

-0.1%

-0.6%

-2.0%

Cash EUR

-0.4%

0.0%

-0.4%

-1.2%

0.0%

0.8%

5.6% 11.0%

Cash USD

0.6%

Fixed Income

0

Sovereign bonds

4.8%

Corporate bonds

9.0%

Microfinance

1.4%

Inflation-linked bonds

8.9%

High-yield bonds

2.9%

Emerging markets bonds

3.8%

Insurance-linked bonds

5.3%

Convertible bonds Equities

30.5%

9.6%

Switzerland

-0.5%

Europe

-2.9% -15.8%

USA

16.0%

Emerging markets

8.1%

Alternative assets Commodities

18.1%

0.2%

1.7%

10.5%

0.9%

8.4%

19.4%

3.8%

4.9%

16.5%

4.1%

6.0%

15.1%

0.4%

6.0%

14.2%

11.6%

33.8%

47.3%

12.0%

12.1%

30.7%

7.9%

0.7%

19.7%

17.1%

-1.8%

5.4%

13.1%

-13.5%

-6.1%

11.5%

19.3%

45.7%

9.2%

15.9%

7.5% -13.2%

3.5%

-3.6%

-5.4%

21.4%

39.4%

4.5%

4.0%

5.7%

25.9%

4.3%

2.8%

5.5%

6.4%

-8.1% 17.1%

Real estate Switzerland Hedge funds Currencies

0

EUR/USD

6.4% -0.1%

GBP/USD

9.9%

0

Gold

CHF/USD

4.2%

0

Global

UK

0.1% 3.0%

0.5%

2.4%

8.3%

0.2%

1.5%

-1.6%

-7.4%

2.9%

3.1%

-1.5%

On our Agenda December 10 & 16: ECB meeting & Fed meeting Central banks proved their ingenuity in 2020. The ECB and the Fed will hold their last policy meetings of the year in December ahead of a well-earned Christmas break.

December 14: Electoral College election of US president On the Monday after the second Wednesday in December, the electors in the Electoral College will convene in their respective state capitals to cast their votes for a presidential contender and a vice president. Their votes, however, won’t be counted by the US Congress until the first week of January 2021.

December 31: Brexit & New Year’s Eve The United Kingdom will leave the European Union at the turn of the year, with or without a postBrexit treaty. The transition period, in any case, will come to an end at midnight on New Year’s Eve, when we will also ring out the exceedingly tumultuous year of the coronavirus pandemic. We wish all of our readers a happy and healthy New Year!

12

Monthly Market Monitor - December 2020 | Kaiser Partner Privatbank AG

Kaiser Partner Privatbank AG | Monthly Market Monitor - December 2020

13

This document constitutes neither a financial analysis nor an advertisement. It is intended solely for informational purposes. None of the information contained herein constitutes a solicitation or recommendation by Kaiser Partner Privatbank AG to purchase or sell a financial instrument or to take any other actions regarding any financial instruments. Furthermore, the information contained herein does not constitute investment advice. Any references in this document to past performance are no guarantee of a positive future performance. Kaiser Partner Privatbank AG assumes no liability for the completeness, correctness or currentness of the information contained herein or for any losses or damages arising from any actions taken on the basis of the information in this document. All contents of this document are protected by intellectual property law, particularly by copyright law. The reprinting or reproduction of all or any parts of this document in any way or form for public or commercial purposes is expressly prohibited unless prior written consent has been explicitly granted by Kaiser Partner Privatbank AG. 14

Monthly Market Monitor - December 2020 | Kaiser Partner Privatbank AG

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