J.P. Morgan Asset Management - The Weekly Brief

03.06.2024 11:51 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Unerwartet starke Konjunkturdaten aus den USA haben erneut zu Volatilität geführt und die Renditen von US-Staatsanleihen in die Höhe getrieben. Viele Anlegerinnen und Anleger haben die negativen Erträge von 2022 noch frisch in Erinnerung. Daher scheuen sie möglicherweise vor einer Allokation in festverzinsliche Wertpapiere zurück, da sie befürchten, dass diese Volatilität anhält. Dank der höheren Anfangsrenditen ist die Sicherheitsmarge jedoch grösser als vor der Pandemie. Der Renditepuffer bei globalen Staatsanleihen, der angibt, wie weit die Renditen zulegen müssten, damit die Kapitalverluste die Erträge eines Jahres übersteigen, beträgt derzeit 0,5 Prozentpunkte. Aufgrund der weiterhin unsicheren Inflationsentwicklung sind die Risiken für die Anleihenrenditen zwar nach wie vor zweiseitig. Anlegerinnen und Anleger in festverzinslichen Wertpapieren haben aber die Gewissheit, dass sie besser positioniert sind, um eine kurzfristige Volatilität zu überstehen.

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