Fonds-Blog-SJB: Mehr. Als Fonds. Kaufen. Von Gerd Bennewirtz.

Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: We expect the US Treasury yield curve to remain steep. Spot yields – like the current 5-year yield – tend to be more volatile than forward-starting ones, like 5-year rates in 5 years’ time. Currently the gap between the spot and the forward rate is very wide, and our strategy is to take advantage of that.

Over the past three to four years, the US 5-year forward rate has not changed overall, despite some volatility in the interim. Meanwhile, the spot market has trended upwards. This is because the yield curve was already quite steep. The picture is completely different in emerging markets. For example, in South Africa spot bond yields had trended down until last summer. Since then, the yield curve has steepened as the bullish price action has somewhat reversed. Meanwhile, 10-year forward rates have continued to go up dramatically and are now as high as they have ever been. They are really quite attractive at around 11% for 2018/19.

SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter!FondsAnbieter-GAM: Looking at the market backdrop, European companies have seen persistent earnings downgrades by analysts for several years now. Initial growth forecasts at the beginning of each year have been buoyant at 10–12%, but these have subsequently not materialised. For this year, expectations have now dropped to just 1% earnings growth. With economic data in China and peripheral Europe improving, we would expect this trend of downgrades for this year to come to an end. For 2014, growth expectations are currently at 10%, for which, in order to be achievable, we would need to see a material pick-up in economic activity. SJB. Fonds. Logo.…weiterlesen

Kategorien: Anbieter. Berichten.
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