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Alternative Market Briefing

Viewing the Great Rotation, Part 2

Thursday, November 14, 2013

Simon Lack
Benedicte Gravrand, Opalesque Geneva:

This series of articles explores the concept of the Great Rotation out of bonds and into equities, its reality and how it is viewed. As it was anticipated to be one of 2013’s themes, today we look at the reactions through the year so far.

Part 1 was in yesterday’s AMB. Part 3 will be published tomorrow (Nov.15th, 2013) and Part 4 on Monday.

2013 views of the Great Rotation

During the first quarter of 2013, there was no noticeable switching out of bonds at all in the US mutual fund figures from Morningstar, the Economist reported. Bond funds received $78bn of inflows, almost exactly the same amount as flowed into the three categories of equity funds. However, small investment shifts could be seen after that, especially in Q3, before the expected Federal Reserve announcement of the start of a withdrawal from the monetary stimulus program. In the run-up to September, there were indeed sharp redemptions from various bond funds.

But by May, we heard from several commentators who voiced their position on the Great Rotation.

Steve Bulko, CIO of Lombard Odier Investment Managers told Opalesque th......................

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