Pictet turns to cyclicals, housebuilders
Pictet Asset Management has weighted its multi-asset portfolios more towards cyclical equities as a respite in dollar strengthening supports earnings.
Pictet Asset Management has weighted its multi-asset portfolios more towards cyclical equities as a respite in dollar strengthening supports earnings.
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The firm’s multi-asset group is upping exposure to emerging Asia equities at the expense of their UK counterparts.
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The popularity of bond funds was reinforced by the Brexit vote. While all fixed income asset classes saw net inflows, investors especially flocked to emerging market debt in July, according to fund flows data from Morningstar.
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BlackRock has joined the ongoing shift into emerging markets by upgrading the asset class to overweight in its asset allocation outlook.
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Retail investment platform Rplan saw a big increase in flows into emerging market funds over the last three months, with the notable exception of China-only investments.
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Despite the prevailing negative market sentiment towards the continent, expensive US equities and an accelerating Eurozone economy are making European equities more attractive, investment analysts have said.
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The firm has ambitious plans to target on and offshore investors in China and sees the asset pool in the mainland growing signficantly, said Rene Buehlmann, head of Asia Pacific and group managing director for UBS Asset Management.
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The average net expense ratios of European-domiciled funds have come down across the board since 2013, according to a study by Morningstar.
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European equity funds experienced their largest ever monthly net outflows in July, beating the previous record set in January 2008.
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If the lower for longer period of global growth and interest rates does come to an end, David Jane, manager of Miton’s multi-asset range, said he would have to restructure roughly half of his portfolio.
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The BNP Paribas multi-asset team tactic, in the current febrile environment, is to tread carefully in its search for alpha and let the fallout from Brexit, modest global growth and doubts over monetary policy play out.
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Data produced by Lloyds Bank revealed appetite for investing has rebounded strongly from its Brexit-triggered July lows, with investors warming once again toward risk assets.
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