iPoint (iPoint.cz)
Czech markets  |  February 15, 2013 11:38:51

Portfolio 2013: Bonds out, shares in! (15 tips KB / SG for Great rotation)



iPoint.czGreat spin, or exchange the bonds for shares in investor portfolios is becoming a phenomenon in 2013. Government bond yields are due to hyperactivity of central banks in the world is extremely low, and Bond funds and investors cease to have much to offer. Safe harbors varies dangerous: Yield on bonds may not cover or future inflation. While investors are still in the "safe-haven" above all wanted to protect against a recession and a slump in equity markets, the central threat to future becomes paradoxically boom was associated with an increase in inflation. The term "safe haven" and is undergoing redefinition: How to protect yourself through the growth of the price level? One of the ways the shares. "Elsewhere, if central bankers therefore steps to the target, we expect to shift investments from corporate bonds into shares.According colleagues of SG, there are two main scenarios investor behavior, which would be concerned that shift. The first is conservative and is essentially a shift from bonds to stocks of stable companies the same or similar companies. There are cases where dividend yield stocks significantly exceeds the yield of bonds of the same company. They are mostly telecoms (including France Telecom and Deutsche Telekom) and energy (for example, Iberdrola and GDF Suez). Generalization of this approach would then be a tendency to dividend titles in general, where I also feature other titles from more defensive sectors such as retail and services, "explains Miroslav Adamkovič of Commercial Bank in today's analysis by the Agency ČEKIA available. What is the second scenario, and in what specific titles recommended analytical team of Commercial Bank and Société Générale to invest?

15 tips for the big spin, read the iPoint

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Portfolio 2013: Dluhopisy ven, akcie dovnitř! (15 tipů KB/SG pro Velkou rotaci)

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