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Investment Monthly - June 2021

Cyclical restoration is well-priced by the market, with scope for further appreciation. Multi-asset portfolios shouldn’t be far from "home" allocation
01 June 2021
    Download the full reportPDF, 4.15MB

    Key takeaways:

    • Cyclical restoration is well-priced by the market. Even fundamentals beating already high expectations haven’t prompted a market rally
    • There is scope for further price appreciation, but multi-asset portfolios shouldn’t be far from the benchmark or “home” allocation
    • Investors are increasingly pricing in a high-growth, rising-inflation environment. We think US 10y yields at 2 per cent would challenge the current preference of equities over bonds
    • For now, some cyclical tilting makes sense. We like small-cap and value factors, and Europe/ASEAN equities. Valuations in some parts of EM fixed income look attractive too