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Asset allocation video – Assessing opportunities as lockdowns ease

Maximilian MOLDASCHL

June 2020

In this month’s asset allocation video, we update investors on our views in the wake of the sharp rally in equities, the dismal economic data and our expectations of a gradual recovery in the second half of 2020.

Important questions ahead concern the effects of the anti-virus restrictions on global growth potential and the impact of the easing of lockdowns. Strategically, we are tilted towards risky assets. We are wary of the risks around Sino-US tensions and the scope for a eurozone breakup.


Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients.

The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns.

Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions).

Some emerging markets offer less security than the majority of international developed markets. For this reason, services for portfolio transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk.

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