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The war has led to terrible human tragedies and in addition to the conflict’s brutality, the impact on inflation and general economic uncertainty is considerable. In this context, DPAM’s CIOs explain how portfolio managers react to the crisis, their current positioning and the pathway going forward.
This week, we assess the impact of rising bond yields on equities. There was a steep rise of value versus growth. Alexander Roose favors a bottom-up, rather than “blanket”, approach of these equity profiles, with barbell positioning on growth and value, to ensure portfolio robustness at all times.
A bird’s eye view of 2020 gives us some valuable insights on the equity markets, and tells us what to expect going forward. Key structural themes guide long-term investments, while ESG and digitalization become increasingly relevant.
Equity markets have already discounted a fair bit of normalization. Expect news flow on case numbers to worsen in some of emerging countries and the US could cause some renewed bouts of market volatility. In the meantime, progress on the EU recovery fund and a better containment of COVID 19 on our continent are hopeful developments in Europe.
There are glimmers of hope in the markets thanks in part to the massive intervention of monetary and governmental authorities. This dynamic needs to be taken into account when selecting and investing in companies, both on fundamental and sustainability grounds.
Since early August, renewed trade tensions between the US and China have largely impacted global stock markets. Alexander Roose, Head of International and Sustainable Equity, advocates to maintain perspective and default to fundamentals.
Four months into 2019, research shows that institutional investors are not pouring money into the stock market. The market is nevertheless rising relentlessly after the very weak fourth quarter of 2018, when stocks got oversold. So, the following question presents itself: who is putting money at work?