On The Record: Publica, Switzerland Stefan Beiner Head of asset management and deputy CEO

The major concern remains the low interest rate environment. We do not believe rates will increase as fast as in other cycles. The valuation on fixed income in general is rich, and equities are also valued on the high side, depending on the region. It is really difficult to hide right now. I am not that optimistic for the mid-term future, and therefore our internal expected returns are quite low for the next three years.

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