J.P. Morgan Asset Management - The Weekly Brief

22.08.2016 10:30 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Je weiter die Zentralbanken ihre Geldpolitik lockern, umso schwieriger wird es für

Investoren, die regelmässige Erträge erwirtschaften wollen. Wie aus der folgenden Grafik

hervorgeht, hat sich die Jagd nach Rendite in der Aktienperformance seit Jahresbeginn

niedergeschlagen. So haben im Jahresverlauf im S&P 500 Index diejenigen Sektoren die

höchsten Kursgewinne erzielt, in denen die höchsten Dividenden gezahlt werden. Da derzeit

festverzinsliche Anlagen im Wert von über 13 Bio. US-Dollar mit einer negativen Rendite

notieren, ist es nur verständlich, dass sich die Investoren als potenzielle Lösung für ihre

Ertragsziele den Large-Cap-Aktien zugewandt haben; allerdings hat die Renditejagd zu

einem Anstieg der Bewertungen geführt. Das Kurs-Umsatz-Verhältnis im US-Versorgungssektor

beispielsweise liegt derzeit drei Standardabweichungen über seinem

langfristigen Durchschnitt. Auf ihrer verzweifelten Suche nach Renditen sollten die

Investoren also nicht die Bewertungen aus den Augen verlieren.

JPMAM_The Weekly Brief_22.08.2016.pdf

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