iShares Halbjahresausblick

Das Jahr 2014 ghet in die Halbzeit. Ein Blick auf den Zwischenstand zeigt ein erstaunliches Bestädnigkeitsniveau quer durch die Assetklassen.

Fixed income has defied market expectations to stage a headline comeback after its disastrous 2013 while commodities YTD have quietly benefited from the growing geopolitical tensions to put in their best performance since summer 2012. Developed equities struggled in Q1 but have found renewed momentum to post new highs in many markets and the equity rally this time looks set to be joined by emerging markets which have shown signs of turnaround and are now up over 5% YTD. Only Japan amongst major markets remains in negative territory, something that could change in the coming months if the May - June rebound continues. Overall, two themes permeate through markets: the search for value  which is driving increased rotation across regions and sectors, and the  search for yield which has driven returns in peripheral and emerging  market debt.

ETPs IN 2014 

In ETPs, 2014 has seen investors focus on Developed Market (DM) equities for a second year. Within that, European equities have garnered a growing share of the inflows as global investors re-allocate to Europe. In contrast, US equities, which dominated the inflows in 2013, have been much less popular. Emerging Market (EM) equities – which saw investor capitulation last year – are starting to capture investor interest again but, as we’ll discuss later, remain the major underweight in investor portfolios. Reflecting the performance of fixed income and the search for yield, both investment grade and high yield continue to gather inflows, especially in Europe. As the search for yield has intensified, Emerging Market Debt (EMD) has seen increasing flows since Q1. Here, European investors have led the way, with inflows broadening out to local EMD while US investors have only just started to increase their exposure to external EMD.

Der vollständigen Ausblick einschließlich zahlreicher Grafiken im pdf-Dokument

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