Stefan Hofrichter is AllianzGI’s Global Economist and Head of Macro Research since 2011. Stefan and his team are responsible for advising clients, in-house professionals and sales colleagues on global economic trends and asset allocation. He is a member of the firm’s Global Policy Council, which is responsible for shaping the mid-term “Global House View” on financial markets, and of the Global Fundamental Multi-Asset Investment Committee. In 2016 he was appointed to European Securities and Markets Authority (ESMA) Group of Economic Advisers.
Stefan joined the firm in 1996 as an equity portfolio manager and assumed the role of economist and strategist in 1998. Between 2004 and 2010 he also managed absolute return and alpha-porting multi-asset mandates, as well as traditional Global and European balanced portfolios.
He holds a degree in Economics from the University of Konstanz and in Business Administration from the University of Applied Sciences of the Deutsche Bundesbank, Hachenburg. Stefan is a CFA Charterholder and a member of the European Association of Banking and Financial History.
As the world battles the Covid-19 pandemic, responsible investors can help make the economic recovery sustainable and inclusive by engaging with the right stakeholders. A PRI working group has developed recommendations for a policy-engagement framework to help guide the investment community’s actions. Here are highlights of the group’s findings.
As the coronavirus crisis continues, we are seeing signals that this bear market has likely not reached its bottom. While investors should be cautious, they should also actively look for evidence that typically signals a rebound.
When fears of the new coronavirus seized hold of markets in early March, already low government-bond yields fell to record levels amid a historic “flight to quality”. Given the impending global recession, government bonds will likely continue to be attractive for now – although their yields will be low and liquidity concerns will make them volatile. But over the long term, we favour spread products such as investment-grade and high-yield corporate bonds.