Multi-Asset-Investment-with-Richard-Temperley-September

Transcription

ASSET ALLOCATION
MUST BE
ACTIVELY MANAGED
Richard Temperley
Head of Investment Development – Zurich
Active Management adds value
Source: Zurich Life, September 2014
25 years – Good Active Management Expertise
Making the Right Calls
“Valuations and unprecedented policy response
make strong equity gains possible”
Zurich Investment Outlook - 2009
Active Management of Asset Classes
Active Fund
Management
of Asset Classes
Active
Management
80%
70%
60%
50%
40%
30%
20%
10%
0%
In
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pt
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Ja
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pr
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1
Ju
l-1
O 1
ct
-1
1
Ja
n12
A
pr
-1
2
Ju
l-1
O 2
ct
-1
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Ja
n13
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pr
-1
3
Ju
l-1
O 3
ct
-1
Ja 3
n14
A
pr
-1
4
Ju
l-1
4
% Allocation
100%
90%
Cash
Alternatives
Property
Bonds
Equities
An
Active Management Process
Process
THE OUTLOOK FOR ASSET
CLASSES
Equity Bull Market - a record breaking run…
4th
Longest bull market
on record!
Bull Market’s End – the warning signs…
Very tight monetary policy
Sustained acceleration in inflation
A big rise in short-term interest rates
An overheating economy
Severe overvaluation of equities compared with interest rates
Long-term Rates – Government 10-year Bond Yields
Source: BlackRock, September 2014
Short-term Rates – ECB
Source: European Central Bank, September 2014
House Prices – Global Developed Markets
Source: BIG, 24.06.14
Asset Class Performance
Source: J.P. Morgan, Guide to Markets, Q3 2014.
A Multi-asset solution is the answer
Warning: Past performance is not a reliable guide to future performance
Warning: The value of your investment may go down as well as up
Warning: Benefits may be affected by changes in currency exchange rates.
Warning: If you invest in this product you may lose some or all of the money you invest.

Multi-Asset-Investment-with-Richard-Temperley-September

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