J.P. Morgan Asset Management - The Weekly Brief

02.08.2021 14:24 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Nach einem starken Jahresauftakt sind Value-Aktien seit Mai im Vergleich zu Wachstumswerten ins Straucheln geraten, da die Anleihenrenditen gesunken sind. In unserer jüngsten Publikation – „Value ist zurück im Spiel, aber Growth nicht im Aus“ – untersuchen wir die wichtigsten Bedingungen, die aus historischer Sicht notwendig waren, um eine phasenweise Outperformance von Substanzwerten zu bewirken. Sowohl ein starkes reales BIP-Wachstum als auch steigende Inflationserwartungen sind in der Regel hilfreich, aber Letzteres scheint wichtiger zu sein. Die weltweite Umstellung auf eine aktivere und expansivere Fiskalpolitik erhöht die Wahrscheinlichkeit, dass sich die Wachstums- und Inflationsraten in Zukunft auf höherem Niveau bewegen werden. Für Anleger, die der Aktienallokation ihrer Portfolios mehr Widerstandskraft gegen Inflationsrisiken verleihen möchten, hat sich ein Schwerpunkt auf Value-Aktien bislang als sinnvoll erwiesen.

JPMAM_The Weekly Brief_02.08.2021.pdf

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