Friday, 8 March 2013

March – Too easy!


  • The valuation gap between Europe and the US has tightened since Draghi’s “whatever it takes speech”.
  • The European overweight has been reduced to inline.
  • We have upgraded Japan. We rate the authorities’ chances of restoring exchange rate competitiveness and creating an inflationary environment.
  • Following another strong month for bonds we have reduced gilts as we believe the recent dovish signals from the Bank of England are unwarranted and may, therefore, be short lived.
  • We add to Alternatives; including esoteric assets such as private equity and infrastructure which, in their own ways, stand ready to benefit from the prolonged easy money environment.

Guy Foster
Head of Portfolio Strategy

No comments:

Post a Comment