Asset allocation The first quarter was exceptionally strong for risk assets, and the outlook remains good for developed market (DM) equities. We remain comfortable with our overweight in developed market equities, but it would be wise not to take too much risk in the coming quarter. EM assets may offer attractive opportunities on a tactical […]
Asset allocation We remain comfortable with our overweight position in developed-market (DM) equities and believe there are good reasons to be positive on Japanese equities. With volatility low and risks looming in the short term, this is a good time to add protection to portfolios. We have bought derivative protection on EUR high-yield bonds and […]
Asset allocation Improved earnings growth should support attractive returns on developed-market equities. We still expect Treasury yields to rise this year. The 35-year fall in long-term interest rates, during which government bonds provided both strong returns and protection, has probably ended. The protection that government bonds provide for portfolios is therefore set to come at […]
Since 2009, major central banks such as the US Federal Reserve, the European Central Bank (ECB), the Bank of Japan (BoJ) and others have largely determined the trends in the major asset classes of both emerging and developed countries: equities, sovereign and corporate bonds, and currencies. Investors found their guiding light in the central banks. […]
The November 2012 issue of Perspectives is now available for downloading. Here is November’s topic of the month: the history of asset allocation as part of the process of constructing investment portfolios has been influenced by a theoretical framework that has been constantly shifting. Models for computing expected returns and optimising risk/reward profiles in portfolios […]
Events are unfolding at a fastening pace in the ongoing sovereign debt crisis and I guess everyone is struggling in terms of understanding the implications with so many moving parts. On Friday night, S&P took markets by surprise with the downgrade of the long termUSsovereign credit rating to AA+, including a negative outlook to add […]
The past 12 months have seen the continued mixed fortunes of the alternative investment industry evident since 2007. Hedge fund assets under management have grown again, but are still below the peak of 2007. Private equity bottomed-out at the end of 2009 but has yet to resume consistent growth. But the case for continuing to […]
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