PRODUCTSMEET THE SELECTORS BERNARDAYBRAN
CIOMULTI-MANAGEMENT, INVESCO BASEDIN: PARIS,FRANCE
“Septemberhasbeenan interestingmonthfor actively managedequity funds as it isoneof these not-so-usual monthswhenamajority outperformedthe indexin
Europe.Thebalancedportfolio did benefit fromthat trend. Overall, the trendof value underperformancewenton andany allocation to thispart of themarketwouldhave cost- relativeperformance.Onthe asset allocation side, the small portion of the portfolio that hadbeenput aside inmoney market hasbeenput towork byincreasingthe alternative investments.Emergingdebt hasbeenincreased.”
PAULHOOKWAY
SENIORFUNDANALYST, KLEINWORTHAMBROS BASEDIN:LONDON,UK
“The recent sharp rebound in economic activity is giving grounds for optimism going
forward.Against this backdropweincreased our equity exposure from significantlyunderweight to onlymodestlyunderweight, continuing our current cautious stance.Wereduced fixed incomeby 5 per cent, taken fromthe giltpositions, alsoswitching theemerging market debt position into the investment grade credit allocation. The proceedswere added to theUSand Japanese equity exposures, the biggest additionwas toBaillie Gifford Japanese”
ANTTI SAARI
CHIEF INVESTMENT STRATEGIST, NORDEAINVESTMENTS BASEDIN:COPENHAGEN, DENMARK
74 OCTOBER/NOVEMBER 2020
“The recent sell-off of stocks bears the mark of a correction andwe think that the underlying drivers of the recent rally still remain in place. Volatility could remain elevated until after the US election, should the result remain unclear. Once that hurdle is passed,however, investors’ focus turns back to the ongoing recovery. Westick to our overweight in equities. For euro-based investors, we recommend downgrading government bonds to a deeper underweight and lifting euro investment grade corporate bonds to an overweight.”
AMOUNT (€)
EQUITY 10,000 10,000 5,000 5,000 5,000 5,000 5,000 5,000
FIXED INCOME 15,000 10,000 12,500
ALTERNATIVES 12,500
100,000 FUND NAME Invesco ETF Nasdaq 100
Ossiam Shiller Barclays US CAPE Allianz Europe Equity Growth
Fidelity European Dynamic Growth Invesco Asian Equity MFS European Value Renaissance Europe
SPDR MSCI World Healthcare Invesco Global Total Return
Pimco Low Duration Euro Corp ETF Invesco Belt & Road Debt
Invesco Global Income SECTOR
US Equity US Equity
European Equity European Equity Emerging Equity European Equity European Equity European Equity
Global Investment Grade Euro Investment Grade EM Debt
Balanced
SUMMARY Equity
Fixed income Alternatives Cash
THIS MONTH 50,000
37,500 12,500 0
100,000 AMOUNT (€)
EQUITY 10,000 10,000 7,000 7,000 6,000 6,000 6,000 3,000
FIXED INCOME 10,000 7,000 2,000
ALTERNATIVE 9,000 5,000 5,000
CASH 5,000
100,000 SUMMARY Equity
Fixed income Alternatives Cash
THIS MONTH 57,000
19,000 19,000 5,000
100,000 AMOUNT (€)
EQUITY 17,500 11,000 7,000 5,500 5,000 2,500 1,500
FIXED INCOME 22,000 8,000 6,000 4,000
ALTERNATIVES 10,000
100,000 FUND NAME Nordea Global Enhanced Wellington US Research Equity
JP Morgan Europe Select Equity Fund Wellington EM Research Equity Nordea Global Stars Equity Fund Nordea Global Stable Equity Fund T. Rowe Price Japanese Equity
Nordea Corporate Bond Fund PGIM EM Bond Opp Fund AEGON Global High Yield
Nordea Alpha 10 MA Fund SECTOR
Global Equity US Equity
European Equity
Emerging Market Equity Global Equity
Global Low Vol Equity Japanese Equity
Investment Grade
Emerging Market Debt Global High Yield
Nordea Euro Medium Term Bond Fund Government Bonds Multi Asset
LAST MONTH 52,000
24,000 19,000 5,000
100,000
LAST MONTH 50,000
37,500 7,500 5,000
100,000
FUND NAME
Lyxor S&P 500 ETF iShares S&P 500 ETF
Blackrock Continental European Flexible Loomis Sayles US Growth Equity Baillie Gifford Japanese Fidelity Emerging Markets Robeco US Premium
AXAWF Framlington UK Fund
Lyxor Core FTSE Act UK Gilts ETF Invesco Sterling Bond Fund
Lyxor Core FTSE Ac UK Gilts 0-5y ETF
Wisdom Tree GBP Hdgd Phy Gold ETC Lyxor/Sandler US Equity Lyxor Tiedemann
Cash
SECTOR
US Equity US Equity
European Equity US Equity
Japan Equity
Global Emerging Markets US Equity UK Equity
Government
Investment Grade Bond Fund Government
Gold
US Long/Short Equity M&A arbitrage
Money market
SUMMARY Equity
Fixed income Alternatives Cash
THIS MONTH 50,000
40,000 10,000 0
100,000
LAST MONTH 50,000
40,000 10,000 0
100,000
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