Pictet: Tech-Aktien und High Yield Bonds mit hohem Wachstum

“With markets range-bound, the search for value is likely to continue. Technology is upgraded to an overweight after the recent weakness as growth prospects remain intact. Recent underperformance can be largely put down to the sharp declines of a small number of internet-related stocks; established tech companies have, by contrast, reported solid growth and trade at attractive earnings multiples. We are also overweight energy, materials, industrials and financials.”

“We are now underweight utilities, the top performing sector this year, as any rise in bond yields should reduce the attractiveness of such stocks’ dividend yields. Health care and telecoms are other defensive sectors that may suffer if growth improves. Among cyclicals, we remain underweight in consumer discretionaries.”

“European high-yield bonds remain attractive and we are still overweight. Although supply is hovering close to record levels, the quality of the companies issuing these bonds remains high. At the same time, default rates among non-investment grade borrowers are expected to fall this year. What is more, high-yield bonds’ low duration versus other fixed income asset classes should serve as a buffer in the event of a rise in benchmark bond yields.”

“The market is not devoid of risks. US borrowers are issuing more bonds that offer less protection to investors. A repeat in Europe would be a warning sign. Companies are also increasingly using bond proceeds for activities other than the refinancing of existing debt such as acquisitions; this can bring risks.”

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