Investissement

The S&P 500 Low Volatility Index, consisting of the 100 least volatile stocks in the index, was rebalanced last week. The outcome? No less than two thirds of the index has changed. Healthcare is now the largest single sector in the index.

While the annual rebalancing of the S&P 500 index yielded virtually no changes in its composition, that’s very different for the S&P 500 Low Volatility Index - which is rebalanced on a quarterly basis.

Au troisième trimestre de 2019, le secteur belge des fonds a enregistré une progression de 1,6 % sous l’impulsion de souscriptions nettes complétées par des hausses des cours des actifs sous-jacents. Fin septembre 2019, l’actif net des fonds commercialisés publiquement en Belgique atteignait 201,9 milliards EUR.

The difference in valuations between expensive and cheap stocks has overshot in recent weeks. Investors can therefore expect a period of outperformance of value stocks. However, this will not last too long. 

Investors’ asset allocation consensus now seems stronger than it has ever been. Pretty much all investors are overweight in quality and growth stocks, avoiding the sectors most affected by the corona crisis.

Two in three fund managers think we are still in a bear market, the latest Bank of America Fud Manager Survey shows. They expect another market correction later this year, most likely caused by a second wave of Covid-19 infections.

Chez Orcadia Asset Management, la gestion se caractéristique notamment par une approche diversifiée basée sur la théorie classique du portefeuille et une forte focalisation sur la durabilité.

As a result of the corona crisis, investors suddenly look at healthcare companies very differently. ‘The pandemic has changed the perception of the sector in the eyes of the outside world,› says Lydia Haueter, manager of the Pictet Biotech Fund.

Le secteur des biens de consommation affiche un tableau très contrasté. Si certaines entreprises ont été privées de revenus du jour au lendemain, d’autres sont en revanche au maximum de leurs capacités de production. Et ces disparités se reflètent dans les performances hétérogènes des fonds investissant dans le secteur des biens de consommation et des services. 

Several countries drastically reduced their exposure to US government bonds in March. Treasuries worth $256.6 billion were sold, according to data published by the US Treasury.

According to analysts, the outflow was mainly driven by the fact that a number of emerging countries needed the money to support their own currency. The most important sellers were Saudi Arabia, Brazil and India. Saudi Arabia sold the most with $25.3 billion, but still owns $159 billion worth of Treasuries.

Global dividend yields are expected to fall between 15 and 35% this year as the coronavirus pandemic hits companies’ earnings, according to Janus Henderson Investors.

In the fastest and deepest correction we’ve ever seen, ESG strategies have held up relatively well. A webinar organised between Natixis Investment Managers and its affiliate asset managers Thematics AM and Mirova, the reasons behind this were discussed.