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Multi Asset Solutions Central Europe - Andrea Quapp

Andrea Quapp highlights the fact both stocks and bonds are currently attractively rated, which is presenting her with asset allocation opportunities. She also mentions the importance of innovations such as artificial intelligence and, specifically for Switzerland, the appeal of the Swiss real estate market.

What were the major recent events and impacts on your asset class?

The most important events came from the central banks: how are they reacting to the sharp rise in inflation rates, and for how long do they actually want their new interest rate policy to last? Over time, as a result, opportunities arise on the bond markets. This is why we used this opportunity to build up positions and increase the quota.

What can your asset class offer in the current environment?

The investment strategy currently offers a very attractive risk/return profile, what I haven't seen in a very long time. This is also due to the fact that stocks as well as bonds are attractively rated. This offers allocation opportunities, which we used.

What is your outlook in the near and medium term?

The short-term outlook is certainly somewhat clouded due to the prevailing crises in the world, and here recently in focus was certainly the war in the Middle East. You can not yet analyse what kind of lasting impact does it have on economic development and or even on corporate profit development. In the medium term, however, we are actually very positive on the capital markets. Because, asset classes such as stocks and bonds have good return potential. There are also always innovations and/or new technologies, which actually lead to increasing productivity among companies. I name here just artificial intelligence briefly. In addition, important for the Swiss market is the attractiveness of the Swiss real estate market. Here we can actually say that after the correction, the attractiveness has risen and underlying trends favour this asset class.

Important disclosures and information
The information contained herein is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained herein may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information contained herein. Past performance is not an indicator of current or future trends. The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice or an invitation to invest in any GAM product or strategy. The securities listed were selected from the universe of securities covered by the portfolio managers to assist the reader in better understanding the themes presented. The securities included are not necessarily held by any portfolio or represent any recommendations by the portfolio managers.

No guarantee or representation is made that investment objectives will be achieved. The value of investments may go down as well as up. Past results are not necessarily indicative of future results. Investors could lose some or all of their investments.

References to indexes and benchmarks are hypothetical illustrations of aggregate returns and do not reflect the performance of any actual investment. Investors cannot invest in indices which do not reflect the deduction of the investment manager’s fees or other trading expenses. Such indices are provided for illustrative purposes only. Indices are unmanaged and do not incur management fees, transaction costs or other expenses associated with an investment strategy. Therefore, comparisons to indices have limitations. There can be no assurance that a portfolio will match or outperform any particular index or benchmark.

This presentation contains forward-looking statements relating to the objectives, opportunities, and the future performance of the US market generally. Forward-looking statements may be identified by the use of such words as; “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” “potential” and other similar terms. Examples of forward-looking statements include, but are not limited to, estimates with respect to financial condition, results of operations, and success or lack of success of any particular investment strategy. All are subject to various factors, including, but not limited to general and local economic conditions, changing levels of competition within certain industries and markets, changes in interest rates, changes in legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors affecting a portfolio’s operations that could cause actual results to differ materially from projected results. Such statements are forward-looking in nature and involve a number of known and unknown risks, uncertainties and other factors, and accordingly, actual results may differ materially from those reflected or contemplated in such forward-looking statements. Prospective investors are cautioned not to place undue reliance on any forward-looking statements or examples. None of GAM or any of its affiliates or principals nor any other individual or entity assumes any obligation to update any forward-looking statements as a result of new information, subsequent events or any other circumstances. All statements made herein speak only as of the date that they were made.

Andrea Quapp

Lead Investment Director, Multi-Asset Class Solutions (MACS) Continental Europe

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Active Thinking

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Multi Asset Solutions Central Europe - Andrea Quapp
19 October 2023

Andrea Quapp highlights the fact both stocks and bonds are currently attractively rated, which is presenting her with asset allocation opportunities. She also mentions the importance of innovations such as artificial intelligence and, specifically for Switzerland, the appeal of the Swiss real estate market.

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