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Mon Produit 16 2018.10 26-16:00

Petite Description
10,12 (CHF)

ECLN

In the past years, lowflation was highly supportive for markets. That occurred on the back of accommodative central bank policies. Unemployment levels and consumptions have now reached levels that have not been seen for years in many countries. Additionally, interest rates in the major economies are expected to rise during the next year, on the back of mildly higher inflation rates. With the overall growth outlook firming, consumer and business sentiments peaking, and corporate profits holding steady, we expect that achieving positive investment returns will be more difficult to achieve, and that alternative avenues will need to be explored.
150,00 (CHF)

High Yield Income Strategy

High Yield instruments are generally issued by governments and corporations from emerging market countries as well as US corporations. There is a common misconception that high yield bonds are very risky assets and investors stand to potentially suffer more losses due to high default rates. Additionally, it is being argued that investors’ capital is more exposed to capital fluctuations during periods of rising interest rates. This is however only partly true. In fact, high yield bonds performed well during the rates hikes in 2000, and more importantly, high yield bonds rebound normally stronger and quicker after a price adjustment. In the current environment with the level of confidence being close to its all-time high, investors are increasingly seeking returns from riskier, high-yielding instruments. That does make sense as post global financial crisis, corporate balance sheets have improved and the global macro outlook appears to be supportive for this too. Therefore, and with this background, the High Yield investment opportunities in corporate debt do look constructive.
150,00 (CHF)

Market Dislocation

Dislocations occur when financial markets operating under stressful conditions experience large, widespread asset mispricing. This occurs on the back of investors, who must either proceed with fire-sales, or simply require a significant risk premium for holding a particular exposure.
175,00 (CHF)

Tailor Made Strategy

High Yield instruments are generally issued by governments and corporations from emerging market countries as well as US corporations. There is a common misconception that high yield bonds are very risky assets and investors stand to potentially suffer more losses due to high default rates. Additionally, it is being argued that investors’ capital is more exposed to capital fluctuations during periods of rising interest rates. This is however only partly true. In fact, high yield bonds performed well during the rates hikes in 2000, and more importantly, high yield bonds rebound normally stronger and quicker after a price adjustment. In the current environment with the level of confidence being close to its all-time high, investors are increasingly seeking returns from riskier, high-yielding instruments. That does make sense as post global financial crisis, corporate balance sheets have improved and the global macro outlook appears to be supportive for this too. Therefore, and with this background, the High Yield investment opportunities in corporate debt do look constructive.
Offerte anfordern

Economy 4.0

Developments in robotics and automation are facilitating a rapid change affecting traditional business models, capital flows and the role of labor in the new Economy 4.0. Historically, robots and automation were relegated to repetitive and menial tasks with limited flexibility and high-cost implications. Indeed, in the 20th century, machines mainly served to alleviate dull or simplistic activities, relieving humans of routine, mundane chores. In the 21st century, however, we expect machines to substitute people in low-skilled job functions and to replace cognitive processes, making tacit judgments that could soon outperform human decision-making. McKinsey sees robotic automation raising global productivity growth by 0.8, to 1.4% annually. Approximately 70% of all occupations have at least 30% of essential activities which can be fully automated. Accordingly, more than half of the work activities performed by today’s labor force could be automated by 2055. How this manifests is of course an important consideration for global economic growth and consumption patterns, but it is our base case that the implementation of robotics will be net positive in terms of macro-economic development.
325,00 (CHF)