Date de parution
TAILLE DU FICHIER: 3,86 MB
DATE DE PUBLICATION: 2018-Jun-22
AUTEUR: Eric Mijot
NOM DE FICHIER: Investment cycles and asset allocation.pdf
Late-cycle asset allocation positioning remains appropriate in this highly uncertain environment. Consistent with our outlook over the past 18 months, it is likely that the late-cycle environment will continue to provide more volatility and a less favorable risk-return profile for asset markets. Since the beginning of this late-cycle phase, US stocks have now underperformed bonds, underscoring ...
A business cycle approach to asset allocation can add value as part of an intermediate-term investment strategy. Although every business cycle is different, our historical analysis suggests that the rhythm of cyclical fluctuations in the economy has tended to follow similar patterns. Moreover, performance across asset categories typically rotates in line with different phases of the business ...