Strategy Outlook Q3

When writing this note three months ago, the situation around COVID-19 appeared hopeful from where we sat, amid a brisk vaccine rollout campaign in the US and many other developed countries. Surging COVID-19 cases in emerging markets were extremely worrying. However, a few blueprints for containing COVID-19 bore results, and with time and resources, could ideally be applied more universally. Investors were looking ahead, eager to put this chapter behind them, and asset prices were pulling forward the expected growth and inflation.