Building a portfolio in an inflationary environment

Mandatum Life
Door juni 28, 2018 11:02

Building a portfolio in an inflationary environment

Allocation insight 

The markets’ focus has returned to inflation and factoring the inflationary market environment into different asset classes. If it were to materialise, the trade war between the US and China would be clearly negative, but as long as negotiation channels between the parties lie open and the rhetoric is constructive, the worst-case scenario for the markets is not the most likely. The current earnings season has been positive especially in the US, but one-year ahead earnings forecasts have been adjusted down slightly regardless of this, and thus have not provided equities with any particular boost. As the news value of political and trade policy uncertainties in the early part of the year fades, credit risk premiums on equities have once again narrowed and global indices have returned to earlyyear levels. Over the past year, on a number of occasions, we have written about the impact of inflation on the pricing of various asset classes and especially about the weak expected return development of fixed income investments in the future. In line with our Group’s investment approach, we have also worked to hedge our portfolios against the negative impacts of accelerating inflation, firstly by replacing part of our fixed income investments with alternative investments that offer a higher return expectation and better inflation protection, and secondly, by opting for short duration corporate bonds over long duration government bond investments. This strategy has proven successful and we expect it to bring our customers added value in the future. 

Mandatum Life
Door juni 28, 2018 11:02

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Asset Allocation Consensus September

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