Répartition des actifs

La stratégie phare de Flossbach von Storch affiche une performance à l’équilibre depuis le début 2020, et confirme sa capacité à protéger le patrimoine des investisseurs. Les mesures de protection du capital ont parfaitement fonctionné lors du déclenchement de la crise du coronavirus, et le positionnement sur les actions a permis un rebond rapide. 

Companies that opted to retain their staff and take measures to support their suppliers during the coronavirus market crash have been rewarded for this by institutional investors. According to research by State Street Associates.

The return of private Japanese investors to the stock market could trigger a real rally, believes Richard Kaye, manager of the Comgest Growth Japan Fund. However, not all Japanese stocks will profit from this, he warns.

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.

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.

Le sentiment des investisseurs est extrêmement mauvais. Presque tout le monde semble tabler sur une deuxième correction. Une reprise en forme de V est exclue, alors que la chute des cours la plus rapide jamais enregistrée a tout de même été suivie par la reprise la plus rapide de tous les temps.

Mais malgré notre dissonance cognitive, nous continuons à nier cette hausse et à nous focaliser sur la correction à venir. Un argument souvent avancé est que la valorisation actuelle intègre déjà la bonne nouvelle. 

Auffret (DNCA Finance) reste très largement positionné sur le secteur des soins de santé, en raison de ses attraits défensifs dans la perspective d’une éventuelle deuxième vague sur le front du coronavirus. Cette exposition sectorielle a permis à son fonds de bien traverser la crise et d’être déjà pratiquement à l’équilibre depuis le début de l’année. 

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.

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.