Neutral for equities, overweight for high yield bonds

Neutral for equities, overweight for high yield bonds

12-04-2016 | インサイト

Whether you think the first quarter of 2016 was a horror story or rather an interesting experience mostly depends on two factors: on timing and on whether you were active in the bond markets. Let’s start with the latter. In the overview of returns over the quarter (see below), the difference between bonds and almost all other risky-assets was very significant.

  • Lukas Daalder
    Chief Investment Officer

 If it hadn't been for the rebound in gold, fixed income would have led the top five best performing asset classes by an impressive margin, with even the very expensive Eurobonds yielding an attractive 3.4% absolute return in Q1. As for the second factor –timing, it is clear that the chart doesn’t really do justice to the underlying volatility seen during the quarter. Being overweight risky assets from 11 February onwards would have produced double digit returns for all of these assets. As we were overweight risky assets, it is clear that Q1 was a bumpy ride. But as we were willing to stay overweight, we recovered most of our losses.


Gold keeps on shining

Source: Robeco

Although we continue to expect risky assets to deliver better returns than the safe assets of the world, we think that high yield offers a better risk-return tradeoff than equities right now. Therefore, we have lowered our position in equities to neutral, in favor of an overweight in high yield.

Europe disappoints, as the US appears to be rebounding

Source: Citigroup


当資料は情報提供を目的として、Robeco Institutional Asset Management B.V.が作成した英文資料、もしくはその英文資料をロベコ・ジャパン株式会社が翻訳したものです。資料中の個別の金融商品の売買の勧誘や推奨等を目的とするものではありません。記載された情報は十分信頼できるものであると考えておりますが、その正確性、完全性を保証するものではありません。意見や見通しはあくまで作成日における弊社の判断に基づくものであり、今後予告なしに変更されることがあります。運用状況、市場動向、意見等は、過去の一時点あるいは過去の一定期間についてのものであり、過去の実績は将来の運用成果を保証または示唆するものではありません。また、記載された投資方針・戦略等は全ての投資家の皆様に適合するとは限りません。当資料は法律、税務、会計面での助言の提供を意図するものではありません。




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