Back to homepage

Tag "Asset Allocation"

Converging Expectations

Converging Expectations

🕔08:52, 21.Mar 2023

In February, concerns about inflation caused a partial reversal of gains in the stock and bond markets, leading to a convergence between risky and risk-off assets. Strong US jobs and retail sales data, along with higher-than-expected inflation reports, led to

Read Full Article
Barometer: lagere inflatie in het verschiet, maar ook lagere groei

Barometer: lagere inflatie in het verschiet, maar ook lagere groei

🕔08:02, 14.Mar 2023

Wij verwachten niet dat de inflatie nog lang zal aanhouden, maar we hebben niet bijzonder veel vertrouwen in de groeivooruitzichten van de ontwikkelde wereld. Daarom zijn we onderwogen in Amerikaanse aandelen en aandelen uit de eurozone.

Read Full Article
Trail Guide to 2023 Asset Class Performance

Trail Guide to 2023 Asset Class Performance

🕔12:35, 9.Mar 2023

2022 was a run to forget for investors. However, the “yard sale” of 2022 has created opportunities across asset classes for the coming year, most notably in fixed income, hence its green rating. The equity story is more nuanced in

Read Full Article
Decomposing equity cycles

Decomposing equity cycles

🕔08:10, 28.Feb 2023

Applied philosophy Are global equities in a recovery or still in the midst of a downturn? We analysed how valuations and earnings progressed through previous market cycles to get closer to an answer. While our findings provide some clues to

Read Full Article
Two in a Row?

Two in a Row?

🕔08:24, 27.Feb 2023

Global Asset Allocation: The View From Europe After outpacing the rest of the world by more than 170% over the past nine years between 2013 and 2021, US equity markets notably lagged the rest of the world last year. Despite

Read Full Article
Moving past peak inflation, the focus turns to weakening growth

Moving past peak inflation, the focus turns to weakening growth

🕔22:20, 25.Feb 2023

Risk markets have bounced meaningfully from their lows in October, helped by peaking inflation, falling rates volatility, an end to the dollar’s rally, and China’s reopening. However, there are many challenges ahead and we are still positioned for a hard

Read Full Article
Our multi-asset investment views – February 2023

Our multi-asset investment views – February 2023

🕔21:53, 25.Feb 2023

We maintain our neutral stance on equities as although peaking interest rates take some pressure off valuations, risks remain

Read Full Article
Many of our equity signals note an improving environment

Many of our equity signals note an improving environment

🕔21:31, 25.Feb 2023

Tactical Asset Allocation Outlook ■ Many of our equity signals note an improving environment, but we continue to closely monitor the extent to which an economic slowdown is priced into earnings. ■ We maintain our overweight view on fixed income. While

Read Full Article
De recessie die (voorlopig) niet kwam

De recessie die (voorlopig) niet kwam

🕔21:20, 25.Feb 2023

Veel beleggers lijken verrast door de beter dan verwachte economische cijfers die we in grote delen van de wereld zien. Door de vele doemverhalen gingen zij ervan uit dat een recessie onvermijdelijk zou zijn, maar dat lijkt voorlopig niet het

Read Full Article
This year is unlikely to be a repeat of 2022 for investors

This year is unlikely to be a repeat of 2022 for investors

🕔21:13, 25.Feb 2023

Given the resiliency shown by economic indicators, we rule out the risk for a severe recession both in the US and Europe. The outlook for a recession scenario has weakened thanks to strong buffers, such as still present excess savings

Read Full Article
Window of Opportunity

Window of Opportunity

🕔21:06, 25.Feb 2023

In January markets rebounded, providing a window of opportunity to capture returns. Towards the end of December, we began increasing risk to take advantage of this, and continued to add to risk assets during January. We see 2023 as a

Read Full Article
Investment Strategy – 13 February 2023

Investment Strategy – 13 February 2023

🕔20:54, 25.Feb 2023

Risky assets began the year with a bang, driven in part by a shift in interest rates that we see as partly contradictory. The markets seem to be pricing in key rate cuts by central banks as early as the

Read Full Article
Better outlook increasingly reflected in markets

Better outlook increasingly reflected in markets

🕔20:13, 25.Feb 2023

The better outlook on the growth/inflation mix for the year ahead has quickly been incorporated by risky assets, from equities to high yield via credit markets. As the extreme investor pessimism of last October is now in the distant past,

Read Full Article
Not so fast

Not so fast

🕔19:58, 25.Feb 2023

The surge in equities and fall in long-term bond yields so far this year suggest investors have been buying into the idea of ‘immaculate disinflation’ — that easing inflation would be painless for growth in 2023. Such market moves could

Read Full Article
WAAC Perspectives

WAAC Perspectives

🕔19:24, 25.Feb 2023

Key themes 1. Expectations for corporate earnings continue to decline, however, in our view, earnings growth …

Read Full Article
Soft landing and hard reality

Soft landing and hard reality

🕔18:53, 25.Feb 2023

Inflation rates are falling, first economic indicators are already rising again. This feeds hopes that the economy will land softly, and a recession can be avoided. We are of a different opinion. Therefore, we tactically prefer bonds to equities. What

Read Full Article
The road to recovery, not easy

The road to recovery, not easy

🕔18:52, 25.Feb 2023

Markets have continued the very strong trend that started in November last year, but several things have also changed this year, including but not limited to: • The decline in government bond yields which led to a quick recovery in

Read Full Article
Putting the Crystal Ball Back in the Drawer

Putting the Crystal Ball Back in the Drawer

🕔18:22, 25.Feb 2023

Investing is a profession that can resemble predicting the future. Investors are made to think they need a crystal ball, when of course, no crystal ball exists. In today’s environment, even the most clairvoyant crystal ball would likely be cloudy.

Read Full Article
Economische groei minder goed dan het lijkt, behalve in China

Economische groei minder goed dan het lijkt, behalve in China

🕔18:17, 25.Feb 2023

Visie op asset allocatie: Na het moeizame 2022 gingen financiële markten in 2023 voortvarend van start. In feite een voortzetting van het optimisme sinds oktober vorig jaar, dat alleen in december even werd onderbroken. Lagere inflatie en de hoop dat

Read Full Article
Evidence of reacceleration

Evidence of reacceleration

🕔16:00, 25.Feb 2023

Financial markets have started the year with an ‘everything rally’ as fears over the potential for an imminent recession – concerns we argued were misplaced – have receded. There are two key drivers of the price action, in our view.

Read Full Article
Market Compass – February 2023

Market Compass – February 2023

🕔15:15, 25.Feb 2023

 With the energy crunch easing and China heading for a reopening bounce, the euro area will likely escape a widely anticipated winter recession. • Yet the Fed’s fast monetary tightening will take its toll on a shallow US midyear …

Read Full Article
Strong start to the year does not make central bankers’ task any easier

Strong start to the year does not make central bankers’ task any easier

🕔13:35, 25.Feb 2023

Our monthly market analysis and positioning

Read Full Article
UIC confirms its neutral risk positioning

UIC confirms its neutral risk positioning

🕔13:20, 25.Feb 2023

The Union Investment Committee (UIC) reaffirmed its neutral risk positioning (RoRo meter at level 3) at its meeting on 21 February. It did not make any changes to the strategic portfolio during the regular meeting either. However, the committee had

Read Full Article
Play market rotations, with a focus on China

Play market rotations, with a focus on China

🕔12:48, 25.Feb 2023

Uncertainty over growth, inflation and corporate earnings persists, even though there has been a mild improvement on the economic front. These trends underscore the need to be active and well diversified. In equities, investors should stay cautious and consider playing

Read Full Article
A new investment playbook

A new investment playbook

🕔12:18, 25.Feb 2023

The regime of greater economic and market volatility is playing out – and not going away. Central banks won’t ride to the rescue in recession, contrary to what investors have come to expect. This regime requires a new investment playbook.

Read Full Article
The mood music changes

The mood music changes

🕔12:08, 25.Feb 2023

The first month of 2023 was quite the contrast to the dismal financial market returns posted last year. We have seen a growing belief form in markets that inflation—the prime driver of last year’s pain—has not just peaked but is

Read Full Article
Balancing Act Monthly Insight: Global Multi-Asset (February 2023)

Balancing Act Monthly Insight: Global Multi-Asset (February 2023)

🕔12:06, 25.Feb 2023

Growth prospects look to be improving—a sharp shift from late 2022 when the markets had strong conviction that a first half slowdown was to be followed by a better second half. Yes, the US Federal Reserve (Fed) has tightened aggressively,

Read Full Article
European equities: Strong start supported by easing inflation figures

European equities: Strong start supported by easing inflation figures

🕔12:05, 25.Feb 2023

European equity markets made a very strong start to the year, supported by easing inflation figures, both in the US and Europe, the surprisingly quick end to the zero-Covid policy in China and the relatively mild winter that has defused

Read Full Article
Perspectives Market and Allocation – February 2023

Perspectives Market and Allocation – February 2023

🕔11:54, 25.Feb 2023

Risky assets began the year with a bang, driven in part by a shift in interest rates that we see as partly contradictory. The markets seem to be pricing in key rate cuts by central banks as early as the

Read Full Article
Chinese New Year

Chinese New Year

🕔11:07, 25.Feb 2023

China’s reponening bolsters our scenario of a soft landing. The start of the year brought relief for some of the risks overshadowing the world's economy. First, the rapid ending of Covid lockdowns in China should prompt a near automatic rebound

Read Full Article
Is the market getting ahead of itself?

Is the market getting ahead of itself?

🕔10:54, 25.Feb 2023

Fed chairman Jerome Powell himself recognised that disinflation had begun so the Fed could be nearing the end of its tough monetary tightening programme. The ECB’s intentions are harder to read but we note that the bank is trying to

Read Full Article
is the grass always greener on the other side?

is the grass always greener on the other side?

🕔16:36, 23.Feb 2023

Global tactical asset allocation views brief After a weak 2022, the grass seemed a lot greener at the start of 2023, with equity and bond markets roaring back strongly. The optimism was fueled by a continuation of weaker headline inflation

Read Full Article
Soft landing or recession?

Soft landing or recession?

🕔10:03, 22.Feb 2023

Monthly investment outlook Stock and bond markets continued to rally in January as falling energy prices, a reopening in China and hope for Fed rate cuts ahead drove optimism across asset classes. This optimism belies growing divergence between expectations implied

Read Full Article
Preparation Seizes Opportunity – Higher Accruals Set the Pace

Preparation Seizes Opportunity – Higher Accruals Set the Pace

🕔08:57, 20.Feb 2023

MacKay Municipal Managers' Insights for 2023 Top Five MacKay Municipal Managers’ Market Insights for 2023: OVERWEIGHT GENERAL OBLIGATION AND ESSENTIAL SERVICE BONDS We believe essential investment grade sectors, such as General Obligation bonds and Water & Sewer bonds, will regain

Read Full Article
Scenario Analysis & Asset Allocation

Scenario Analysis & Asset Allocation

🕔14:11, 1.Feb 2023

We have defined the middle band for growth as 1-3%, to clearly reflect the weakening growth environment. Consensus growth forecasts for next year is 1.5-2%. In previous years, this would have been consistent with weak growth but today, investors will

Read Full Article
Bemoedigende tekenen van herstel in Europa

Bemoedigende tekenen van herstel in Europa

🕔14:45, 30.Jan 2023

De financiële markten zijn het nieuwe jaar goed begonnen. Naast de daling van de rente, doordat de inflatie heeft gepiekt en de centrale banken de voet daardoor wat van het rempedaal kunnen halen, zijn ook de bemoedigende tekenen van herstel

Read Full Article
Global Asset Allocation: The View From Europe

Global Asset Allocation: The View From Europe

🕔16:48, 24.Jan 2023

Market Perspective Volatility likely to remain elevated in the new year as central bank policy expectations diverge amid evidence of slowing growth and moderating inflation. While slowing the pace of tightening, the US Federal Reserve reinforced its commitment to taming

Read Full Article
Global House View – December 2022

Global House View – December 2022

🕔14:14, 23.Jan 2023

A deeper earnings downgrade is expected as valuations are yet to fully price in a recession Credit spreads, particularly in higher-grade assets, remain relatively …

Read Full Article
Brighter days ahead?

Brighter days ahead?

🕔11:23, 23.Jan 2023

It’s a gloomy time of year in more ways than one at the moment. Even the excitement of my recent move to a new house can’t distract from the literal and figurative darkness of January 2023. The war …

Read Full Article

Alpha Research en Financial Investigator – Asset Allocation Awards

🕔10:35, 23.Jan 2023

ASSET ALLOCATION AWARDS 2023 MET WALKING-DINNER Welke asset manager gaf in de afgelopen 3 jaar de beste adviezen ten aanzien van asset allocatie en publiceerde het meest consistente beleggingsrapport? Wie deed de beste aanbevelingen op het gebied van Fixed Income,

Read Full Article
Views in brief: Maneuvering through uncharted territory in a new year

Views in brief: Maneuvering through uncharted territory in a new year

🕔10:25, 23.Jan 2023

Global tactical asset allocation views brief: Global equities slumped over 2022, posting their worst annual returns since 2008, as Russia’s invasion of Ukraine added to already heightened inflationary pressures and caused the biggest energy price shock since the 1970s. Central

Read Full Article
China reopens; developed economies slow down

China reopens; developed economies slow down

🕔16:12, 16.Jan 2023

Central banks have started to moderate the pace of tightening but we are not close to a pivot. Inflation remains too high and US labour market data continue to point towards a tight market. Central banks will keep rates at

Read Full Article
The PIMCO Glide Path Construction Proces

The PIMCO Glide Path Construction Proces

🕔08:26, 13.Jan 2023

The savings and investment plan that one follows over the course of one’s working and retirement life is among the most critical decisions an individual can make. The balance between consumption and savings determines one’s overall quality of life, not

Read Full Article
Barometer: Na de storm

Barometer: Na de storm

🕔10:02, 12.Jan 2023

Aandelen en obligaties uit opkomende markten bieden de beste vooruitzichten voor beleggers na een zwaar jaar voor de financiële markten. Nieuw jaar, zelfde risico's? De wereldeconomie blijft voor uitdagingen staan – niet in het minst door de zwakke groei en

Read Full Article
2023 Natixis Institutional Outlook Survey

2023 Natixis Institutional Outlook Survey

🕔08:13, 9.Jan 2023

After the Gold Rush Institutional investors forced to dig deep for opportunity as they brace for inflation or stagflation in post-pandemic markets. After seeming to recover from the pandemic in 2021, the global economy relapsed into what may be classified as a

Read Full Article
Guide to Alternatives

Guide to Alternatives

🕔14:06, 4.Jan 2023

Guide to the markets

Read Full Article
Defensive asset allocation extends into 2023, with a gradual increase in risk exposure later in the year

Defensive asset allocation extends into 2023, with a gradual increase in risk exposure later in the year

🕔08:04, 4.Jan 2023

Profit recession, tightening central banks (with divergences in forward guidance), and stillhigh inflation are primary market concerns. US inflation moderating has been a positive lately, but whether that deceleration will be sustained would decide the Fed’s stance, which in turn

Read Full Article
Capital Allocation Results, Analysis, and Assessment

Capital Allocation Results, Analysis, and Assessment

🕔14:20, 3.Jan 2023

The primary job of senior management is to create value over the long term. This entails taking inputs, including capital and labor, and making them worth more than their cost over time. Capital allocation, which describes how a company raises

Read Full Article
Global tactical asset allocation views brief

Global tactical asset allocation views brief

🕔16:03, 2.Jan 2023

Lower than expected inflation numbers helped both equity and bond markets continue to trend higher in November. News from China supported this positive sentiment as the world's second largest economy finally showed signs of a shift away from their zero-COVID

Read Full Article
Building Asymmetry in Portfolios

Building Asymmetry in Portfolios

🕔08:22, 29.Dec 2022

Monthly Investment Outlook: Global activity slowed down in late December and should remain moderate in Q1-22. The Omicron impact was limited to a few services, but disruption remained in place in …

Read Full Article

SEARCH