Finanzen / Bilanzen

Heavier focus on value

Growth equities are becoming less attractive as growth rates are declining. “The negative factors continue to dominate, and it is foreseeable that the economy will be weakening”, said Carsten Gerlinger, Managing Director and Head of Asset Management at Moventum AM. “Although valuations have already come back in the US in particular, tech and other growth stocks are facing the threat of further setbacks.”

The recession that is expected on many capital markets is not reflected in current economic indicators. “In the coming months, however, we expect the dynamics of global economic growth to slow down”, Gerlinger explained. As part of the equity portfolio orientation, value stocks were therefore weighted higher, while the growth segment and small caps were reduced.

In the US, companies have still been reporting good corporate earnings for the most part recently, but the outlook has become more cautious. Due to the recent price declines, valuations of US equities have come back quite a bit, but are still above the long-term average. The US will therefore be slightly reduced and Europe ex Euroland increased.

Europe continues to experience the most economic damage caused by the sanctions against Russia. The region is suffering more from the rise in energy prices and the supply chains that continue to be interrupted. Nevertheless, order books in Germany and throughout Europe are still well filled and waiting to be processed. “It is encouraging that supply chains are showing slight signs of easing”, Gerlinger opined. According to Gerlinger, “European equities are suffering from the Ukraine war, but could benefit significantly from a counter-movement” because European equities remain more favourably valued than US equities. Within Europe, Gerlinger continues to see good opportunities in the UK: “Due to its index heavyweights in banks, healthcare and commodities, this market offers great opportunities.“ Banks benefit from rising interest rates, the healthcare sector is frequently favoured by investors, particularly in difficult stock market phases. In terms of commodities, the UK equity market now has a higher weighting in commodities than emerging markets.

In the emerging markets, the South American equity market has benefited significantly from rising commodity prices. “South America remains attractive. Its equity markets have seen the strongest earnings revisions in recent months”, Gerlinger added. The Chinese central bank continues to pursue an expansionary course and supports the economy with a higher credit supply, lower reserve requirements and possibly upcoming key interest rate cuts. This procedure is intended to mitigate the economic impact of the lockdown and to present better “framework conditions” at the major party congress that will be held in November. “Due to increasing stimulus programmes to combat the economic damage caused by the still restrictive Covid policy, the chances of a market recovery in China have increased”, Gerlinger concluded.

Additional information is available at www.moventum.lu

Über Moventum S.C.A

Moventum Asset Management S.A. (Moventum AM) is a wholly owned subsidiary of Moventum S.C.A. Since 2019 Moventum AM manages Moventum’s own funds of funds and individual mandates as part of its asset management portfolios.
As an independent financial service partner, Moventum S.C.A. has been providing a home for financial service providers such as advisors and asset managers as well as institutional clients from all over the world for more than 20 years. The digital "MoventumOffice" platform offers access to more than 10,000 funds, ETFs and other securities. In addition, it allows financial advisors to open securities accounts for their clients, to place trading orders and to use analysis, reporting and support tools. Institutional clients are able to outsource their entire fund trading with complementary services to Moventum as part of collective or individual custody account management. A variety of fund services are assumed for asset managers, ranging from registrar and transfer agent services to fund accounting, company administration and domiciliation services.

Firmenkontakt und Herausgeber der Meldung:

Moventum S.C.A
12, rue Eugène Ruppert
L2453 Luxembourg
Telefon: +352 (26154) 200
http://www.moventum.lu

Ansprechpartner:
Bodo Scheffels
news & numbers GmbH
Telefon: +49 (178) 4980733
E-Mail: bodo.scheffels@news-and-numbers.de
Für die oben stehende Pressemitteilung ist allein der jeweils angegebene Herausgeber (siehe Firmenkontakt oben) verantwortlich. Dieser ist in der Regel auch Urheber des Pressetextes, sowie der angehängten Bild-, Ton-, Video-, Medien- und Informationsmaterialien. Die United News Network GmbH übernimmt keine Haftung für die Korrektheit oder Vollständigkeit der dargestellten Meldung. Auch bei Übertragungsfehlern oder anderen Störungen haftet sie nur im Fall von Vorsatz oder grober Fahrlässigkeit. Die Nutzung von hier archivierten Informationen zur Eigeninformation und redaktionellen Weiterverarbeitung ist in der Regel kostenfrei. Bitte klären Sie vor einer Weiterverwendung urheberrechtliche Fragen mit dem angegebenen Herausgeber. Eine systematische Speicherung dieser Daten sowie die Verwendung auch von Teilen dieses Datenbankwerks sind nur mit schriftlicher Genehmigung durch die United News Network GmbH gestattet.

counterpixel