Asset Allocation

We acknowledge that several tail risks have receded over the past few weeks, bringing relief to financial markets.

Our asset allocation has turned more cautious as several risks have started to materialise.

Das neue Schuljahr beginnt und es ist Zeit für Investitionsentscheidungen... Werden die USA in eine Rezession fallen?

One and a half years after the US Federal Reserve bank began its tightening course, the US economy continues...

Haben Sie sich schon einmal gefragt, was Sie mit Ihrer Portfolioaufteilung machen sollen? Durch die Höhen und Tiefen des Marktes unangetastet lassen oder eine Umschichtung vornehmen? Wann genau? Was ist das richtige Gleichgewicht? Unser Quant-Forschungsteam hat die Fakten in dieser Studie für Sie klar dargelegt.

The markets appear to be having second thoughts on the “terminal rate” of several central banks in developed markets, as their restrictive job is likely not finished yet.

Da wir uns der Jahresmitte nähern, scheint es, dass die Rezession auf beiden Seiten des Atlantiks abgewendet werden kann, doch die Wachstumsprognosen bleiben schwach...

Financial markets have been resilient in H1 2023, reflecting a better growth/inflation mix than expected by consensus at the start of the year.

In our economic and market scenarios, the next stage points to lower growth and gradually lower inflation in the US by the end of 2024. Consequently, lower interest rates should follow, and we keep a long duration bias in fixed income.

With the upcoming 2023 Turkish presidential election, scheduled to take place on 14 May, we are sharing our views and sentiments on the possible outcomes and their consequences.

Our main scenario incorporates slow growth, both in the US and eurozone, and continues to remain the most likely.

The once-in-a-generation monetary tightening engineered by the US Federal Reserve (Fed) over the past twelve months has produced financial vulnerabilities.

Die von Candriam verwalteten Portfolios haben kein Exposure in Credit Suisse-Wertpapieren, Exposure in außerbörslichen Geschäften oder Aktienleihgeschäften.

Uncertainties on US and European financials have replaced the better economic growth outlook in investor’s minds. Suddenly, the improvement in activity is now mitigated by financial vulnerabilities and inflation stickiness.

The better outlook on the growth/inflation mix for the year ahead has quickly been incorporated by risky assets, from equities to high yield via credit markets. As the extreme investor pessimism of last October is now in the distant past, we are reducing our overall equity allocation to a more neutral stance.

We have started 2023 with a preference for equities over bonds, as our investment strategy turned more constructive on attractive price levels in October.

We end 2022 with a preference for equities over bonds, as our investment strategy became more constructive on attractive price levels at the start of the fourth quarter.

In October, we turned more constructive based on our analysis of the market configuration. This month, fundamental support provides further reasons to maintain this stance.

Die Konvexität bzw. der „Smile“ von CTA-Fonds entwickelt sich im Laufe der Zeit. Einige Smiles sind jedoch breiter als andere.

Short-term interest rates have been rising around the world over the past year as central banks attempt to fight inflation.

While inflation continues to surprise to the upside, growth dynamics have turned and continue to decelerate. Growth concerns are mainly affecting Europe, as energy prices remain an important inflation driver, while central banks are stepping up their tightening.

Despite this wealth of information – or perhaps because of too much information? – maybe you are still uncertain.  We can help you organize and develop your views, in a 20-minute video. Our economists and strategists will try to clarify the economic and financial risks.

Als das Jahr 2022 begann, dachten wir alle an Covid, Krieg, Ölpreise und eine vorübergehende Inflation. . . . Was sehen Sie jetzt am Horizont? Eine Krise bei der Weizenversorgung? Quantitative Straffung? Eine anhaltende Inflation?

This year’s European summer heatwave and drought has the potential to worsen the current energy crisis, as river water levels have dropped significantly.

Wir nähern uns der Jahresmitte, die globalen Wachstumsprognosen werden weiterhin nach unten korrigiert und der Gegenwind ist nach wie vor stark ...