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Investment Monthly - October 2021

Relative valuations and robust growth favour a pro-risk allocation in our portfolios; Asia & EM fixed income remaining a clear valuation opportunity
2021年10月01日
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    • In the expansion phase of the economic cycle and after a period of strong market performance, we need to be realistic about returns. As unemployment rates fall, stocks should outperform bonds
    • In terms of valuations, the bond premium is negative, the credit premium is tight, but the equity premium looks more neutral
    • In our view, policy headwinds, Covid, and the dollar outlook will weigh on EM performance. But Asia & EM fixed income remains the stand-out valuation opportunity