Outlook 2023: End of the bear market in bonds

From a macroeconomic perspective, 2023 will be a rather difficult year. “In the capital markets, however, this dull outlook is probably already priced-in for the most part”, said Till Christian Budelmann, Chief Investment Officer of the Swiss private bank Bergos. After the sharp rise in interest rates, bonds are again attractive as a portfolio investment. Like equities, they should deliver gains by the end of 2023, albeit with great volatility. Therefore, active asset management will be a major success factor in 2023.