Vontobel Holding AG (0QKE) Q4 2023 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:06.140 Today, Georg, Thomas and I will provide you with an update on our 2023 results 00:00:06.140 -- 00:00:12.489 and key decisions that we will implement to accelerate the execution of our strategy. 00:00:12.489 -- 00:00:17.577 Let me first share our observations on the market backdrop in 2023 00:00:17.577 -- 00:00:20.652 and how this shaped our results. 00:00:20.652 -- 00:00:25.838 Entering 2023, the questions on every investor's mind were how 00:00:25.838 -- 00:00:30.963 high will interest rates go and how much damage will these do to the growth 00:00:30.963 -- 00:00:32.385 outlook? 00:00:32.385 -- 00:00:37.510 In addition, it was clear that after a disastrous 2022, the priority 00:00:37.510 -- 00:00:42.836 of investors, and in particular the more tactical ones, was to protect 00:00:42.836 -- 00:00:45.610 capital at all costs. 00:00:45.610 -- 00:00:50.496 This starting point, coupled with the highest cash rate since before the global financial 00:00:50.496 -- 00:00:55.582 crisis, led investors to either wait and see or flee 00:00:55.582 -- 00:00:59.665 towards safe products and money markets. 00:00:59.927 -- 00:01:04.933 Emerging market equities were particularly hit due to the geopolitical tensions and 00:01:04.933 -- 00:01:10.113 a China that has been viewed less and less market friendly. 00:01:10.113 -- 00:01:15.204 The last quarter of the year has given a glimpse of what is probably now in store. 00:01:15.204 -- 00:01:20.095 As major central banks indicated that they reached the peak in the tightening cycle, 00:01:20.095 -- 00:01:25.206 equity and fixed income assets enjoy a significant rebound and the dollar 00:01:25.206 -- 00:01:27.241 was hurt. 00:01:27.241 -- 00:01:32.568 With growth data remaining relatively robust globally, ...