Benedicte Gravrand, Opalesque Geneva: A couple of Swiss fund of funds managers give their outlook for investment opportunities in 2015; one sees opportunities for fundamental, event driven and energy sector strategies; the other sees opportunities in possible conditions of high volatility and low correlation.
GAM: Positive environment across strategies
Anthony Lawler, portfolio manager at GAM, a Swiss-listed fund of funds manager that is part of the GAM Holding Group, wrote in the company’s latest Insight report, that the moves in asset prices during 2014 have created trading opportunities for the coming year.
"Active managers in equities struggled in 2014, with correlated price volatility and with ETF flows driving index and large-cap outperformance versus portfolios of actively selected securities," he explains. "These ETF flows push all index holdings together, regardless of individual equity quality, creating pricing inefficiencies and opportunities for fundamental investors."
If 2015 delivers low but positive growth, he anticipates dispersion across individual equities and credits, as investors seek long positions offering better value, and leave more expensive or less attractive risk / reward names.
GAM expects a positive environment across strategies in 2015, including event driven strategies that should benefit from the level of cash on corporate balance sheets, ava...................... To view our full article Click here
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