FondsAnbieter- GAM: Weekly Manager Views.

09. April 2014 von um 10:30 Uhr
Wie beurteilen FondsAnbieter ihre Anlagerreigionen ? Wie fällt die Analyse der Kapitalanlagegesellschaften (KAG) über Fundamentaldaten, Währungen und Kapitalflüsse aus? Informationen direkt aus dem Research Centern der FondsBranche finden SJB FondsBlogger in der Kategorie "Anbieter. Berichten."

Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: March proved a respectable month for GAM Star Global Rates, which returned 1.9%, bringing the year-to-date return to 3.3% to 31 March. Similarly, GAM Star Local EM Rates and FX closed up 3.7% on the month and 4.3% for the year to-date (US dollar classes).

Our current thinking remains broadly unchanged, with the major themes remaining in place. While long US dollar positions have not performed over the past few months, we feel that the backdrop is becoming increasingly supportive. The underlying data in the US continues to improve and now that the worst of the US weather is hopefully behind us, this improving trend should become more apparent. Across the border, our Mexican position remains in place.

Our long Norwegian krone positions weakened towards the end of 2013. Although the data has moved broadly in line with our thinking, the currency had failed to respond. More recently investors appear to be acknowledging the better data and the widening gap between Norwegian inflation rates and their neighbours.

On the short side, we continue to run our euro exposures and have slightly increased our yen shorts in anticipation of further weakening. We also have some short exposure to the Swedish krona, Polish zloty and Australian and New Zealand dollars. We hold neutral near-term views on the Canadian dollar and sterling. Both stories are well known and positioning is stretched.

In terms of interest rates, we began building short US exposures just ahead of the most recent update from the Fed. Most of these are in the front end of the US rates curve, using options to position short trades, such as 2016 Eurodollar contracts. These positions were strong contributors during March. In addition, we hold trades that are set to benefit from a normalisation of the UK and US curves. We believe the market has priced the UK curve too flat (essentially on the view that the Bank of England will hike rates ahead of the Fed) and the US curve too steep. It is unlikely that the Bank of England will make any material interest rate adjustments ahead of the Fed. If pressure did begin to build for an early move, then in all likelihood monetary conditions would tighten courtesy of a strengthening pound. Elsewhere, we are short Norwegian rates against Sweden, based on a similar rationale to our currency view. In Australia, the front end of the curve is pricing in a small move higher in rates by the end of

2014, which we believe is improbable. Therefore, we have been positioning long the front end of that interest rate market. We also remain long Mexican rates.

Overall, our risk is currently around 75% in currencies in the global rates strategy and our correlation with equities is close to zero.

Über GAM

GAM wurde 1983 als FondsTochter der UBS gegründet. Von 1999 bis 2005 gehörte die Gesellschaft zum Bankhaus Julius Bär. Seit September 2009 ist GAM selbständig. Fonds: 450. Verwaltetes Vermögen: 36,9 Mrd. Euro. Anzahl der Mitarbeiter: 760. Geschäftsführer: David M. Solo.


Kategorien: Anbieter. Berichten.

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