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DFO Reflections Q1 - 2021
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DFO Reflections Q1 - 2021
March 2021

In many respects, the first quarter of 2021 followed the performance of the final quarter of 2020: shares of small and medium-sized companies as well as developing countries continued to outperform; shares of cyclical industries also rallied strongly, whereas so-called ‚stay-at-home stocks‘ or shares of companies with high-quality and less cyclical earnings underperformed. China and Hong Kong saw an exuberant bull market.

DFO Investment Yearbook 2020
January 2021

Enclosed you will find the 3rd edition of our DFO - Investor Yearbook.

The aim of our Yearbook is to show which return expectations for global capital markets and various asset classes are realistic and sound. Unfortunately, neither investors nor financial advisors seem able to define realistic long-term return expectations for common equity and fixed income markets. This makes them vulnerable to unrealistically high but also unrealistically low expectations. Neither is helpful, as opportunities are missed on one hand, while excessively high expectations can easily be disappointed on the other. By providing very specific data and information, we want to contribute to making it easy for more investors to find out which expectations are reasonable.

DFO Reflections Q4 - 2020
December 2020

The final quarter of 2020 followed the good performance of previous quarters. Particularly corporate bonds (which were badly hit in the spring and whose returns were far behind those of government bonds) saw a massive recovery. This recovery was so strong that our investment components, which mainly contain corporate bonds, ended the year with higher total returns than those consisting mainly of government bonds. While this is quite normal, the crash in the spring of 2020 once again showed that corporate bonds should not be seen as „crash insurance“ – a fact that should definitely be taken into account when constructing quality investment portfolios.

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