As was the case throughout the year, the fourth quarter of 2020 was a rollercoaster of emotions. After the economic outlook darkened in October due to the second Corona wave, optimism regained the upper hand in November thanks to success stories from vaccine manufacturers and the election results in the USA. As a result, both equities and bonds posted strong gains. Only gold saw a consolidation after its strong rise in the first half of the year. Despite high uncertainty and volatility, diversified and fully invested portfolios were able to close 2020 on a positive note.

Reference date: 31.12.2020

In the fourth quarter, the investment strategies were also able to catch up strongly thanks to good bond and equity returns. The main drivers were once again equities, which meant that the riskier investment strategies were also able to close the year in the black.