Making lemonade out of macro lemons - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
金融市场

Making lemonade out of macro lemons

Investors will need to adjust portfolios more frequently — we are in a new regime and not going back any time soon

While central banks could start cutting interest rates from the middle of next year, they won’t go back down to pre-pandemic levels

The writer is global chief investment strategist at BlackRock

The investing landscape has fundamentally changed. Some investors may be waiting, or hoping, for a return of the sustained bull markets in both equities and bonds that we enjoyed for the 40 years before the pandemic. But I think we are in a new regime, and we are not going back any time soon. It’s time to stop waiting and start making lemonade from the lemons that the macro environment presents. This is going to take a more nimble approach than it did in the past.

One reason: the economic outlook is much more uncertain. In the US, market narratives have been swinging between hopes for a soft landing and recession fears through 2023. But context is everything. Despite seemingly strong economic activity recently, the US economy has grown more slowly over the past three years than was typical before the pandemic. There is no landing — we are just climbing out of a hole.

There is a natural tendency to interpret inflation and growth as though we are in a typical business cycle but we are not. As the global economy normalises from the pandemic, it is being shaped by new forces such as ageing populations, geopolitical fragmentation and the low-carbon transition. We’re in the midst of a massive structural shift that is likely to see major economies move on to lower growth paths amid persistent production constraints. The resulting disconnect between the cyclical narrative and structural reality is stoking market volatility.

While major central banks could start cutting interest rates from the middle of next year, they won’t be going all the way back down to pre-pandemic levels. The US Federal Reserve will have to hold back growth to align with constrained production capacity, especially in the face of looser fiscal policy. Higher rates are here to stay.

So, investors will have to learn once more how to outrun cash yielding around 5 per cent. Structurally higher policy rates should eventually mean higher returns on assets. But not all asset valuations have adjusted, in my view.

As markets adjust in fits and starts to this new reality, we can expect to see greater dispersion of returns. For example. London Stock Exchange Group data shows that during the period of economic stability preceding the pandemic known as the Great Moderation, analyst views of expected company earnings were much more grouped together outside major shocks. Now they are more dispersed, showing that an environment of higher inflation and interest rates makes the outlook harder to read.

Seizing the opportunities from this trend requires being dynamic with portfolios, not relying on static exposure to broad asset classes that worked so well during the sustained bull markets of the past. In fact, our analysis suggests heightened volatility and greater dispersion of returns means that moving portfolios around more frequently in the new regime can be better rewarded than in the years leading up to the pandemic, while a set-and-forget approach worked better in the old regime.

That’s the theory. How am I putting it into practice? We’ve been changing our asset allocation more frequently. One example: we’ve shifted our tactical view on US Treasuries to capitalise on the current heightened rate volatility. We were underweight long-term Treasuries from late 2020 as we expected higher interest rates and a more positive “term premium” — the extra returns for investors for the risks of longer-dated debt.

We turned upgraded to a neutral stance a couple of months ago as risks have become more two-directional. We then also turned overweight on European government bonds and UK gilts but have since trimmed that position given the drop in yields. This more dynamic approach stands in sharp contrast to the previous long-held underweight position in developed market long-term bonds. 

Within US equities, the macro assessment leads us to take a broad underweight position compared with portfolio benchmarks, but this is offset by the potential in artificial intelligence and technology stocks, taking us closer to a neutral stance.

In addition to the tech sector more generally, we favour industrials, selective European banks and US healthcare in portfolio allocations. We upgraded Japan equities twice this year and continue to like them for 2024 but on a currency-unhedged basis. Within emerging markets, we favour India and Mexico as beneficiaries of companies diversifying supply chains and beneficial demographic trends.

We are in a new regime — and not going back any time soon. This is a world in which rewards are up for grabs for investors that can navigate the structural shift to higher interest rates, more volatility and greater dispersion.

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

决策者警告:富裕经济体将需要外籍劳工推动增长

央行人士称,全球最大经济体的低生育率正威胁生产率与物价。

中国科技亿万富翁欲打造美式“3月疯狂”风格的篮球联赛

在阿里巴巴亿万富翁联合创始人蔡崇信的支持下,亚洲大学生篮球联赛瞄准业余赛事的高利润市场。

央行精英的黄昏

在经济技术官僚享有数十年高度自主权之后,他们如今正承受来自特朗普政府的巨大压力。

索尼正打造庞大的游戏帝国:还能掌控全局吗?

PlayStation母公司希望其旗下的“第一方工作室”为收入增长作出更多贡献,并在可控范围内适度承担风险。

数字时代,邻里关系比以往任何时候都更重要

如今,许多人比以往更不愿与隔壁邻居打交道。但在孤独蔓延、线上生活当道的时代,我们确有必要重新审视那些旧有的观念。

澳大利亚牛排涌入威胁英国牛肉,农民发出警告

业内团体称,高档肉切块需求的激增正在扭曲英国市场。
设置字号×
最小
较小
默认
较大
最大
分享×