NN IP: Is up the only way, or has the rally gone too far?
Up seems to be the only way within the current reflation trade. Herd behaviour is often a strong driver of short-term investor decisions, and with equities entering overbought levels, we shifted our overweight from equities to real estate.15.12.2016 | 14:27 Uhr
Asset Allocation
The Only Way is Up
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Economic Outlook
ECB: To taper or not to taper…
Following policy moves of the past week by the European Central Bank and the US Federal Reserve, Willem Verhagen examines the impact of the ECB’s decision to modify its quantitative easing programme and the factors that prompted it. Read more
Equity Strategy
As good as it gets for the US?
The US equity market has performed very well in 2016, but we see indications that the rally may have gone too far. Global investors’ exposure to the US has increased significantly and many see the US market now as expensive. They also might be too complacent about the political risks in the US. Read more
Fixed Income
Linkers continue to outperform nominal government bonds
Since the US elections, 10-year US bond yields have risen sharply. The gap between Treasury and Bund yields widened to levels not seen since 1989. We prefer inflation linked bonds over nominal government bonds, especially in the US where we see signs of a sustained normalisation of inflation expectations. Read more