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Trevor Greetham´s Investment Clock December 2011: As defensively positioned as 2008

Nyhet   •   Dec 16, 2011 14:25 CET

LEAD INDICATORS IN FOCUS

Inflation

  • The inflation scorecard remains in negative territory.
  • Headline inflation appears to be peaking. If this trend is sustained, fear of deflation will once more become the prime concern in the developed, debt-ridden economies.

Growth

  • The global growth scorecard remains in negative territory and suggests further weakness ahead.
  • Global growth is slowing, leading indicators of activity are weak, business confidence is falling and economists are downgrading their GDP forecasts.

CURRENT ASSET ALLOCATION POSITIONING

  • In August, we moved underweight stocks and commodities and increased bonds to a large overweight. More recently, the cash position was increased and the real estate position reduced in the light of heightened levels of market volatility.

Within equity markets, we favour the US; the market has relatively defensive attributes and, despite the fiscal deadlock, it is still the most likely to stimulate its economy to protect economic growth and jobs. Swiss equities are also attractive for their defensive qualities. Within sectors, we prefer defensive areas such as healthcare and consumer stocks at the expense of cyclical areas like materials and industrials.

 

Trevor Greetham joined Fidelity in January 2006 as Asset Allocation Director. In addition to managing funds, Trevor is a member of Fidelity’s Asset Allocation Group. Prior to joining Fidelity, he spent ten years at Merrill Lynch, where he was Director of Asset Allocation. Trevor began his career with UK life insurer Provident Mutual. He holds an MA in Mathematics from Cambridge University and is a qualified actuary.

 

 

This document is for investment professionals only and should not be relied upon by private investors. It must not be reproduced or circulated without prior permission. This communication is not directed at, and must not be acted upon by persons inside the United States and is otherwise only directed at persons residing in jurisdictions where the relevant funds are authorised for distribution or where no such authorisation is required. Fidelity/ Fidelity International means FIL Limited, and its subsidiary companies.  Unless otherwise stated, all views are those of the Fidelity organisation.  Investors should note that the views expressed may no longer be current and may have already been acted upon by Fidelity.  The research and analysis used in this material is gathered by Fidelity for its use as an Investment Manager and may have already been acted upon for its own purposes. Reference in this document to specific securities should not be construed as a recommendation to buy or sell these securities, but is included for the purposes of illustration only. Fidelity only offers information on its own products and services and does not provide investment advice based on individual circumstances.  Fidelity, Fidelity Worldwide Investment and the Fidelity Worldwide Investment and F symbol are trademarks of FIL Limited. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up and investors may not get back the amount invested. Fidelity’s legal representative in Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Paying agent for Switzerland is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Malta: Growth Investments Limited is licensed by the MFSA. Fidelity Funds is promoted in Malta by Growth Investments Ltd in terms of the EU UCITS Directive and Legal Notices 207 ad 309 of 2004.  The Fund is regulated in Luxembourg by the Commission de Surveillance du Secteur Financier.  Issued by FIL Investments International (registered in England and Wales), authorised and regulated in the UK by the Financial Services Authority. SSO4710/1212

 

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    The inflation scorecard remains in negative territory

    - gmail sign up - 2018-09-27 08:24 CEST

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