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Turbulence ahead

Turbulence ahead

Investment outlook 2019
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The bull market has caused a number of noticeable divergences within asset classes. We highlight some of them in this outlook, as we think they will offer good investment opportunities in 2019.


  • Growthversusvalue stocks

  • Developedversusemerging markets

  • USversusthe rest of the world

In an environment where the economic outlook looks promising, the warning ‘turbulence ahead’ seems out of place. But we see clouds on the horizon, including:

  • Fed rate hiking
  • Trade wars
  • Mounting inflationary risks

We don’t expect them to derail the economy just yet, as growth is still too strong. But we do expect concerns to grow as time progresses.

In this outlook we look at the implications for the major asset classes, as well as the opportunities these ‘clouds’ represent.
Peter van der Welle, strategist

The bright economic picture is expected to be overshadowed by concerns that this long bull market will soon end. Fueling these fears are issues such as rising interest rates, protectionism, Italy and Brexit. Investors would be well-advised to prepare for these concerns becoming reality.

Peter van der Welle, strategist

Special themes

Ten things that might move the markets in 2019

Special themes

Ten things that might move the markets in 2019

Positioning for a shift towards value stocks
Positioning for a shift towards value stocks
We think now is a very good time for investors to introduce value stocks to their portfolios.
20-11-2018 | Visie
Two European headaches: Brexit and Italy
Two European headaches: Brexit and Italy
Drawing a line under both of these situations will help European equities deliver improved relative performance within a global equity portfolio, and banks will play a key role in this.
06-12-2018 | Visie
Leveraging new technologies in finance
Leveraging new technologies in finance
We currently see a number of specific developments that make fintech an interesting investment theme for next year.
27-11-2018 | Visie
Electric vehicles coming of age
Electric vehicles coming of age
In the coming years, the global automotive industry will go through its most radical change as vehicle electrification and changing consumer preferences challenge existing business models.
13-12-2018 | Visie
Green hydrogen: powering the low-carbon future
Green hydrogen: powering the low-carbon future
Interview with Thiemo Lang, Senior Portfolio Manager, RobecoSAM Smart Energy and Smart Mobility strategies.
27-10-2020 | Interview
Blokland’s daily sketch
Blokland’s daily sketch

Waiting for inflation

27-10-2020 | Daily sketch
Interest rates – don’t be so negative
Interest rates – don’t be so negative
How fashionable will negative interest rates be in five years’ time?
26-10-2020 | 5-jaars vooruitblik
Grafiek van de week
Grafiek van de week

IMF juicht fiscale tekorten toe

23-10-2020 | Visie

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