Pictet: In Aktien übergewichtet bleiben
„Das Grwoth-momentum bleibt solide und die Inflation ist unter Kontrolle“, sagt Luca Paolini, Chief Strategist bei Pictet Asset Management.07.02.2014 | 11:35 Uhr
“Stay overweight equities, bond rally to run out of steam” says Luca Paolini, Chief Strategist at Pictet Asset Management. “The New Year has begun with investors experiencing a reversal of the trends they saw in 2013.
“Growth momentum remains solid and inflation is largely under control. What is more, stocks’ current valuations and the Fed’s decision to reduce monetary stimulus do not loom as a hindrance to equity investors.
“Investors can therefore maintain a modest overweight in equities and some other riskier asset classes. While we expect developed market stocks to deliver moderate returns of some 5 to 10 per cent in 2014, we would consider any further weakness as a tactical opportunity to increase exposure.”
“In our regional allocation portfolio we remain overweight emerging markets and cautious on the US”.
“We think the pattern of emerging market equity underperformance vs developed markets, which has widened the discount on emerging-to-developed market stocks to more than 30 per cent on a on a price-earnings basis – is now at odds with fundamentals. Our indicators suggest many markets are oversold while investor sentiment has worsened to an extent that limits the scope for a further market correction. We expect an acceleration in global growth and a dovish policy stance in the US to create the conditions for emerging equities to outperform their developed counterparts in the months ahead”.
“That is not to say we would invest indiscriminately. Countries with a stable political climate, whose funding needs are manageable and whose stock markets are comparatively cheap offer the best prospects in our view”.