Tactical Asset Allocation February 2023
The stock markets got off to a strong start at the beginning of 2023. What are the consequences for the tactical asset allocation in February 2023?

The stock markets got off to a strong start at the beginning of 2023. What are the consequences for the tactical asset allocation in February 2023?
Expectations are too high, prompting caution. Corporate earnings growth is overestimated, and expectations of a decline in U.S. inflation are too optimistic. We are positive on gold.
Zürcher Kantonalbank's Asset Management defined three key assumptions for the coming investment year. Two of them are positive. But there is also a risk factor.
The euphoria is rather premature. We are once again reducing our equity exposure below the benchmark. Bonds will profit from falling inflation and an economic slowdown.
Buy or sell? This is the question that drives stock investors. And no matter which decision they make, the risks are difficult to weigh.
We say farewell to TINA – There Is No Alternative. TINA had been a reliable partner in recent years - always supporting the stock markets. Now we say hello to TARA – There Are Real Alternatives. Does TARA offer reliable prospects?
Hawks create new investment opportunities. We are taking advantage of the new opportunities as part of our October 2022 tactical asset allocation.
A classic collar strategy can reduce high portfolio losses. Our protection strategy, however, offers even more advantages, especially when it comes to sustainability.
The run of equity and bond markets sincs mid-june was abruptly halted by Jerome Powell's speech in Jackson Hole. Our equity underweight and protection strategy have thus paid off.
Since the "free" put from central banks is no longer provided in the context of rising interest rates, investors are taking the hedging of their portfolios back into their own hands with the use of the collar strategy.
The stock markets not only enjoy periods of good weather, as we are currently experiencing again. The move away from the zero-interest-rate policy also increases the dynamism of currency movements. How and when can you best protect your portfolio against currency fluctuations?
Quantitative analysis can be used to achieve outperformance compared to the benchmark. The value factor in particular is able to deliver relative strength in the weak overall market.
The spectre of stagflation will persist and financial conditions will continue to worsen.We are taking advantage of the equity rebound in July and are underweighting equities before the seasonally weak months of August and September.
Despite strengthening impulses during the last week, the euro remains weak. Learn more in the video from 25 July 2022.
Rising inflation and interest rates have been affecting equities for several months. How can the journey continue and how can an equity portfolio be aligned?
We are reviewing our inflation forecasts from 2020 to reflect the new inflation shock in the US (9.1 percent).
The equity markets corrected sharply again in June. The risks of recession have increased significantly. This will keep weighing on the financial markets.
In general, we are reducing the tracking error in June. For bond investors, there is some consolation after the sharp losses (-10% YtD): the earnings prospects are now significantly better than they have been.
Greenwashing is the buzzword of the moment and is increasingly bringing all fund providers into disrepute. Greater transparency in the investment process and adequate advice may offer a remedy.
The sharp rise in inflation is forcing the US Federal Reserve to raise interest rates. Which strategy can ensure successful returns in such an environment?
The traditional starting point in strategic asset allocation (SAA) is a point forecast for the expected return. In our approach, on the other hand, return forecasts are the natural result of the optimal weight and expected risk.
The search for promising Swiss equities requires a structured investment process. The focus here is on quality, value and sustainability.
The equity markets are threatened with further downward pressure. We remain underweight in equities. We have reassessed bonds, listed real estate funds, Swiss equities and Australia.
High inflation brings rising interest rates – with equities and bonds going down together. How does a mixed Swiss portfolio behave during phases like this? We have examined a mixed Swiss portfolio spanning a period of 100 years.
Senior secured loans are highly valued by investors as they promise good performance in periods of rising interest rates. However, a look behind the scenes reveals a little-noticed risk.
High inflation, rising interest rates and expensive commodity prices are affecting companies' earnings reports. We see opportunities, for example in defensive sectors, commodities and sustainable energy.
Making relevant data visible and combining it with broad-based expertise on investment-related information – this is what the second part of our three-part series on strategic asset allocation explores.
The recovery rally in March was used to sell stocks. New headwinds are expected for equities.
Just as the coronavirus pandemic appears to be coming to an end, a war is unsettling the financial markets.
Since the beginning of the year, growth stocks – in particular US technology stocks – have been on a downward flight due to the sharp rise in interest rates.
The next three years will be characterised by «de-interest», «de-globalisation» and «de-carbonisation». These three terms represent both opportunities and risks for investors. We use these opportunities and risks to derive insights for your asset allocation.
Those who set themselves a goal in sport need to know the fundamentals of mobility and speed. The situation is similar when investing – the first part of a three-part series on strategic asset allocation.
Surfing the price wave for as long as possible – that is the goal of most investors. A suitable hedging strategy can reduce the risk of large losses without sacrificing potential price gains.