Notification:

Please upgrade your browser for an enhanced browsing experience. To update browser to the latest version, please click here.

Alternatively, you may use Chrome as your alternative browser. To download Chrome, please click here.

Tactical Calls Review 2021

Open Calls

As the year closed, our best-performing high conviction call was US Financials. The tailwinds pushing US Financials higher were a recovering global economy, rising longer-term interest rates and lower bad loan provisions from 2020. High-quality global growth equities and US Consumer Discretionary equities also gained from the strong economic recovery and reopening.

European equities continued to lag in the recovery, but this will reverse in 2022 as the EU begins dispensing aid from its recovery fund. Asia ex-Japan equities were held back by policy uncertainty in China.

Among our Megatrend ideas, Sustainability and the US market were our top themes. Riding on strong momentum, they performed well despite high valuations. This was followed by Global Artificial Intelligence (AI) & Innovation and Healthcare as vaccine development and digitalisation remained key drivers in 2021.

Being one of the first major economies to recover from COVID-19, China started to tighten liquidity measures and impose greater regulation on its technology sector. These measures rattled China’s equity markets in 2021, but companies that adapt quickly to the new environment as greater clarity on policy objectives emerge will benefit in 2022.

Closed Calls

We closed our high conviction call on US Consumer Staples in January 2021 and switched to US Consumer Discretionary equities as the global economic recovery began to pick up pace.

High Conviction Calls
Call
Start
End
Total Return (%) Total Return (%) Legend
CallUS Financials
Start08-Jan-21
EndOngoing
Total Return (%) Total Return (%) Legend
CallUS Consumer Discretionary
Start09-Jan-21
EndOngoing
Total Return (%) Total Return (%) Legend
CallGlobal Quality Equities
Start01-Apr-17
EndOngoing
Total Return (%) Total Return (%) Legend
CallEuropean Equities
Start10-Oct-20
EndOngoing
Total Return (%) Total Return (%) Legend
Call Asia ex-Japan Equities
Start04-Jun-20
EndOngoing
Total Return (%) Total Return (%) Legend
CallUS Consumer Staples
Start01-Sep-19
End08-Jan-21
Total Return (%) Total Return (%) Legend
Megatrends
Call
Start
End
Total Return (%) Total Return (%) Legend
CallUS
Start08-Jan-21
EndOngoing
Total Return (%) Total Return (%) Legend
CallSustainability
Start01-Oct-21
EndOngoing
Total Return (%) Total Return (%) Legend
CallGlobal Healthcare
Start01-Jan-17
EndOngoing
Total Return (%) Total Return (%) Legend
CallAI & Innovation*
Start01-Jan-19
EndOngoing
Total Return (%) Total Return (%) Legend
Call China Equities (Onshore)
Start01-Oct-18
EndOngoing
Total Return (%) Total Return (%) Legend
Call China Equities (Offshore)
Start01-Jan-19
EndOngoing
Total Return (%) Total Return (%) Legend

* Performance of Allianz Global Artificial Intelligence Fund is used as the proxy for artificial intelligence and innovation equities due to the unavailability of a suitable benchmark index.

^ Source: Bloomberg. All percentages shown are expressed in their respective local currency terms, and reflect the total returns from call start date to 30 November 2021 or call end date, whichever is earlier.

+ Source: Bloomberg. All percentages shown are expressed in their respective local currency terms, and reflect the total returns from 1 January or call start date, whichever is later, to 30 November 2021.

We use cookies in order to provide you with better services on our website. By continuing to browse the site, you agree to our privacy notice and cookie policy.