Edmund Brandt and Ed Walker write in their capacity as investment directors. Their asset allocation views are based on a 12-month time horizon and reflect the input from various investment teams within J.P. Morgan Asset Management. These discussions are considered by Edmund and Ed before they ultimately produce their allocation views on the regions in terms of underweight, neutral or overweight.
February’s equity returns were volatile, but only modestly negative
Following a very painful January for risk assets, including equities, the start of February saw a continuation of this trend. Major developed markets typically bottomed out at between 15% and 20% falls from their summer 2015 highs, very close to signaling what would traditionally be called a “bear market”. However, markets recovered mid-month as a few more positive economic indicators emerged. Cash levels institutional portfolios also built to historically very high levels and significant mutual fund selling pointed to markets being exhausted on the downside, with a relief rally due.
Coming up in the Bulletin:
- Are central bank interventions proving less effective?
- Global growth signals are very mixed
- What does this all mean for equities?
- Asset allocation
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