Historically, over the long term small caps deliver higher returns than large caps, but the past decade has seen a trend change driven by mega caps. There is evidence, however, that the small cap premium is still important

A shortage of wood, appointments with chimney sweeps are hard to come by and IKEA selling heat exchangers. Energy security is a red-hot issue due to the electricity crisis in Europe. Environmental action programmes and transition requirements are creating long-term structural demand for both renewable and conventional energy

The green transition is driving the development of car batteries for electric vehicle operation. Stationary energy storage to compensate for fluctuations in electricity production is on the horizon. The battery boom is creating investment opportunities in the automotive sector, in battery manufacturers and in commodity producers

The stock market upturn has been impressive, but there is no lack of threats to corporate profits. In the meantime, stimulus programmes are being withdrawn. Which is more important – the pace or the direction?

The pandemic will continue to affect the world economy in 2021 and 2022. The focus will be on economic recovery, while underlying megatrends are reinforced