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The ongoing spread of new, highly transmissible COVID-19 variants which may have the ability to partially defeat the immune response in people that already have antibodies or are vaccinated, has triggered widespread lockdowns across Europe which are still ongoing.
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This has also led to additional travel restrictions and border shutdowns. Numerous various countries have still effectively shut down their borders to anyone who hasn't tested negative.
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We believe when triggering portfolio actions, it’s important to consider the following:

• the spread and control of the virus across regions and countries,
• vaccination rates and distribution,
• policy responses and execution to alleviate the impact on economies and markets,
• and the market response and the implications for sovereign investors.

In our latest update we consider many of these topics and share our views on what this means for investors.