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Articoli
- I Soldi in Testa: Lezione N˚552
- LAlpha e il Beta: The whataboutery begins
- La Musa dei Mercati: Non solo Tech
- I Soldi in Testa: Lezione N˚551
- LAlpha e il Beta: Silenzio, parla Xi
- I Soldi in Testa: Lezione N˚550
- Scenario Economico Luglio 2024
- LAlpha e il Beta: È la politica stupido!
- I Soldi in Testa: Lezione N˚549
- Small&Mid Cap europee: sono insolitamente convenienti rispetto al resto del mercato?
- News e media
Andrea Quapp highlights the fact both stocks and bonds are currently attractively rated, which is presenting her with asset allocation opportunities. She also mentions the importance of innovations such as artificial intelligence and, specifically for Switzerland, the appeal of the Swiss real estate market.
What were the major recent events and impacts on your asset class?
The most important events came from the central banks: how are they reacting to the sharp rise in inflation rates, and for how long do they actually want their new interest rate policy to last? Over time, as a result, opportunities arise on the bond markets. This is why we used this opportunity to build up positions and increase the quota.
What can your asset class offer in the current environment?
The investment strategy currently offers a very attractive risk/return profile, what I haven't seen in a very long time. This is also due to the fact that stocks as well as bonds are attractively rated. This offers allocation opportunities, which we used.
What is your outlook in the near and medium term?
The short-term outlook is certainly somewhat clouded due to the prevailing crises in the world, and here recently in focus was certainly the war in the Middle East. You can not yet analyse what kind of lasting impact does it have on economic development and or even on corporate profit development. In the medium term, however, we are actually very positive on the capital markets. Because, asset classes such as stocks and bonds have good return potential. There are also always innovations and/or new technologies, which actually lead to increasing productivity among companies. I name here just artificial intelligence briefly. In addition, important for the Swiss market is the attractiveness of the Swiss real estate market. Here we can actually say that after the correction, the attractiveness has risen and underlying trends favour this asset class.
Important disclosures and information
The information contained herein is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained herein may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information contained herein. Past performance is not an indicator of current or future trends. The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice or an invitation to invest in any GAM product or strategy. The securities listed were selected from the universe of securities covered by the portfolio managers to assist the reader in better understanding the themes presented. The securities included are not necessarily held by any portfolio or represent any recommendations by the portfolio managers.
No guarantee or representation is made that investment objectives will be achieved. The value of investments may go down as well as up. Past results are not necessarily indicative of future results. Investors could lose some or all of their investments.
References to indexes and benchmarks are hypothetical illustrations of aggregate returns and do not reflect the performance of any actual investment. Investors cannot invest in indices which do not reflect the deduction of the investment manager’s fees or other trading expenses. Such indices are provided for illustrative purposes only. Indices are unmanaged and do not incur management fees, transaction costs or other expenses associated with an investment strategy. Therefore, comparisons to indices have limitations. There can be no assurance that a portfolio will match or outperform any particular index or benchmark.
This presentation contains forward-looking statements relating to the objectives, opportunities, and the future performance of the US market generally. Forward-looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward-looking statements or examples. None of GAM or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward-looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.
The information contained herein is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained herein may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information contained herein. Past performance is not an indicator of current or future trends. The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice or an invitation to invest in any GAM product or strategy. The securities listed were selected from the universe of securities covered by the portfolio managers to assist the reader in better understanding the themes presented. The securities included are not necessarily held by any portfolio or represent any recommendations by the portfolio managers.
No guarantee or representation is made that investment objectives will be achieved. The value of investments may go down as well as up. Past results are not necessarily indicative of future results. Investors could lose some or all of their investments.
References to indexes and benchmarks are hypothetical illustrations of aggregate returns and do not reflect the performance of any actual investment. Investors cannot invest in indices which do not reflect the deduction of the investment manager’s fees or other trading expenses. Such indices are provided for illustrative purposes only. Indices are unmanaged and do not incur management fees, transaction costs or other expenses associated with an investment strategy. Therefore, comparisons to indices have limitations. There can be no assurance that a portfolio will match or outperform any particular index or benchmark.
This presentation contains forward-looking statements relating to the objectives, opportunities, and the future performance of the US market generally. Forward-looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward-looking statements or examples. None of GAM or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward-looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.
Active Thinking
Multi Asset Solutions – Julian Howard
19 ottobre 2023
Julian Howard riflette sulla combinazione tra le valutazioni tirate e il premio per il rischio azionario ridotto che hanno reso le azioni meno interessanti nel breve termine. A suo giudizio, l’azionario resta comunque appetibile nel lunghissimo termine. Howard esamina anche i punti di forza strutturali della Cina nel lungo periodo.
Active Thinking
Emerging Market Debt – Paul McNamara
19 ottobre 2023
In quest’aggiornamento video Paul McNamara esamina i fattori nei principali mercati sviluppati che hanno inciso maggiormente sul debito dei mercati emergenti, analizza in che modo i fondamentali dei mercati emergenti differiscono da quelli dei Paesi sviluppati e delinea le prospettive dell’asset class che segue.
Active Thinking
Mortgage Backed Securities – Tom Mansley
19 ottobre 2023
Tom Mansley rileva che i prezzi delle case negli Stati Uniti risentono positivamente della domanda robusta a fronte del rialzo dei tassi di interesse, della solidità dei mutui sottoscritti prima del 2008 e del potenziale restringimento degli spread.
Active Thinking
Credit Opportunities – Gregoire Mivelaz
19 ottobre 2023
Gregoire Mivelaz di Atlanti passa in rassegna i tre principali eventi del 3° trimestre che hanno inciso sul suo universo d’investimento: utili, date di rimborso delle obbligazioni e riapertura dei mercati primari. Secondo Mivelaz, considerato che ci troviamo alla fine di un ciclo di credito, la qualità del credito è importante per gli investitori. Sottolinea inoltre che le anomalie di prezzo sui mercati generano opportunità.
Active Thinking
Active Thinking
Asia/China Growth Equities – Jian Shi Cortesi
19 ottobre 2023
Jian Shi Cortesi spiega che la scarsa fiducia in Cina è la causa delle valutazioni molto basse delle azioni cinesi, per via della crescita economica sotto tono, della crisi nel settore immobiliare e della rivalità con gli Stati Uniti. È però ottimista sulle prospettive nel lungo periodo, nella convinzione che la crescita degli utili nel lungo termine trainerà i prezzi azionari.
Active Thinking
European Equities - Niall Gallagher
19 ottobre 2023
Niall Gallagher illustra le implicazioni dell’aumento dei rendimenti obbligazionari reali e il motivo per cui crede che le banche centrali continueranno a dover lottare contro l’inflazione più che la deflazione. Valuta inoltre la portata dei capitali necessari per la transizione energetica e passa in rassegna alcune delle società che, secondo lui, ne beneficeranno.
Active Thinking
Japan Equities – Lukas Knueppel
28 luglio 2023
In quest’aggiornamento video, Lukas Knueppel illustra la rilevanza della riforma voluta dalla Borsa di Tokyo per una migliore allocazione del capitale da parte delle società quotate giapponesi, e cita il miglioramento della fiducia nel settore manifatturiero come un possibile fattore di crescita degli utili aziendali.
Active Thinking
Sustainable Investing – Stephanie Maier
28 luglio 2023
Stephanie Maier, in questo video della serie Active Thinking, passa in rassegna i recenti sviluppi a livello legislativo, politico e settoriale degli investimenti sostenibili, e riflette in particolare sulla crescente attenzione rivolta al clima nelle delibere aziendali, oltre che alla natura e alla biodiversità.
Active Thinking
Credit Opportunities – Gregoire Mivelaz
28 luglio 2023
Nel secondo trimestre i catalizzatori positivi per il debito subordinato sono stati tre: un’ottima stagione degli utili, il rimborso delle obbligazioni perpetue da parte delle banche e la riapertura del mercato primario. Gregoire Mivelaz riflette sugli eventi principali del secondo trimestre e spiega perché crede che il debito subordinato potrà fare meglio dell’high yield.
Opinioni d'investimento
Take some wins, hold your nerve and sail close to the wind
19 March 2024
Andrea Quapp, Investment Director for Multi Asset Class Solutions (MACS) Continental Europe, recommends that investors have more confidence in the strength and dynamism of the leading economies and utilise this for equity investments. However, geopolitical conflicts, delayed interest rate cuts and a shortage of skilled labour will always put the brakes on stock markets.
Opinioni d'investimento
Better than the headlines – but caution is still advised
01 November 2023
Andrea Quapp, Investment Director for Multi Asset Class Solutions (MACS) Continental Europe, advises investors to look through the impact of a flood of negative news flow, including the tragic events in the Middle East and Ukraine. While people are understandably unsettled, she believes they are also overestimating the impact on the macroeconomy.
GAM Italian Academy
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