BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
Asset allocation analysis, Investment strategy, Market commentary

Asset Allocation June 2017

June 13, 2017 - Joost van Leenders, CFA, Portfolio Manager

SUMMARY • Inflation disappoints, but central banks carry on • Is growth becoming more domestic? • Now closed: underweight in developed equities • Overweight real estate rotated from Europe to US

Political turmoil in the US, new UK elections, the possibility of early Italian elections and central banks
staying the course on monetary policy despite soft inflation numbers could not derail the equity rally, at least in US dollar terms. With the US dollar losing around 3% versus the euro, global equities were actually down by 1.3% in euros. We think that in general, equity markets are priced for a positive scenario for growth, inflation and earnings. Still, we have neutralised our equity underweight position. In real estate, we have shifted our overweight from Europe to the US.

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