J.P. Morgan Asset Management - The Weekly Brief

07.08.2023 12:06 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

2022 war ein schwieriges Jahr für Multi-Asset-Investoren, denn US-Anleihen fielen erst zum dritten Mal in den letzten 50 Jahren parallel zu Aktien. Seit dieser Bewertungskorrektur eignen sich Anleihen unserer Meinung nach gut zur Diversifizierung gegen disinflationäre Rezessionsrisiken. Wenn es zu einem Abschwung kommt und die Inflation sinkt, müsste die US-Notenbank wahrscheinlich die Zinsen senken. In diesem Szenario könnte ein Rückgang der zehnjährigen Renditen um 100 Basispunkte Anleihenerträge von über 10 % einbringen und dazu beitragen, etwaige Aktienverluste in einem diversifizierten Portfolio auszugleichen. Natürlich haben alternative Anlageklassen zur Absicherung gegen erhöhte Inflationsrisiken noch nicht ausgedient. Wir glauben jedoch, dass Anleihen jetzt die Erträge und disinflationäre Diversifizierung bieten können, die Multi-Asset-Investoren erwarten.

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