J.P. Morgan Asset Management - The Weekly Brief

07.07.2014 11:50 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Vergangene Woche endete das erste Halbjahr 2014. Es war gekennzeichnet von der Outperformance der Risikoaktiva und geringer Volatilität. Dieser positive Trend setzte sich auch im zweiten Quartal sowohl auf den internationalen Aktienmärkten (Industrie- und Schwellenmarktaktien) als auch bei REITs und Hedge-Fonds fort. Gleichzeitig markierte der Volatilitätsindex (VIX) seinen tiefsten Stand seit Anfang 2007. Trotz der traditionell inversen Beziehung zwischen Aktien und Anleihen haben Anleger positive Erträge sowohl im Universum festverzinslicher Papiere als auch einen Anstieg der Aktienkurse gesehen. Allerdings hatten Rohstoffe im zweiten Quartal eine schwere Zeit. Dies könnte auf die turbulenten geopolitischen Schwierigkeiten in einigen Schwellenländern zurückzuführen sein. Dennoch: die Erträge blieben im positiven Bereich. Mit Blick auf die zweite Jahreshälfte wird es für Anleger wichtig sein, sich auf höhere Volatilität und höhere Zinsen einzustellen, und die Portfolios entsprechend zu positionieren.

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