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Christina Boeck Benedicte Gravrand, Opalesque Geneva: Christina Boeck, Chief Investment Officer at AXA Investment Managers, Switzerland, shares insights on asset allocation opportunities in an interview with Sona Blessing on Opalesque Radio.
For the remainder of 2015, she says, AXA is quite positive on the growth perspective. In the US, the first quarter was bad but the second quarter picked up and that should continue. In the Eurozone, "the recovery is on track as well, on a much lower level." She expects growth of around 1%.
"Equities are expensive but not overly expensive," she continues. "From here on, it means nevertheless that we need earnings growth in order to support equities. We believe we’ll get that, because of the world economy evolving positively. We expect earnings growth to be 5 to 10% in the big industrial nations, enough to support equities further. In the medium and long term, we are really positive on equities. In the short term, with the Greek crisis, we recommend having a neutral stance on equities and protect it with put options."
On the other hand, yields are low and will remain so for a while, keeping returns perspectives down both the bonds and equities markets. Even if yields are to stay low, AXA does not recommend going short duration. One should stay in credit because it is not excessively expensive. "Corporate fund...................... To view our full article Click here
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