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Press Release
Schroders' Virginie Maisonneuve identifies key drivers for success in 2012 24 January 2012
Head of Global and International Equities Virginie
Maisonneuve, shares her Top 10 Tips for Global
Equities success in 2012.
1. Volatility will continue to be driven by Europe and
sovereign issues; the fear of China's hard landing; and the
impact of many elections in the world.
2. Maintain a balanced portfolio anchored around growing
defensive holdings in staples and health care and quality
cyclicals, especially in energy and materials.
Do not get out of cyclical stocks all together.
3. Make sure you own enough US stocks. The US is recovering
slowly but is ahead of
Europe.
4. Be prepared to add to emerging markets as the year
progresses. Monetary policy should loosen as inflation trends
downs. Gain exposure either through stocks listed in emerging
markets or via companies in developed markets with large
exposures to emerging markets. Get the best stocks wherever
they are listed and don't contain yourself to one region.
5. Test your stock earnings growth assumptions rigorously. Be
ruthless! Consider current stock prices compared to 2008
valuations and margins
6. Take advantage of extreme valuations: for example, equity
risk premium in Europe is
at an all-time high. When markets are very gloomy and
discount the worse, the risk is on
the upside.
7. Stick to fundamentals: when fear runs equity markets, the
disconnect between prices and fundamentals can offer great
opportunities
8. Watch currencies: They influence competitiveness. A weak
Euro is good news.
9. Monitor the "EPF" i.e. the balance sheets of the ECB, PBOC
and the Fed, as well as
sovereign bond issues.
10. Be prepared to act on mini cycles: The situation in
Europe will be uncertain for a while and equity markets will
move on macro economic news.
Virginie Maisonneuve, Head of Global and International
Equities, comments:
"We believe volatility will remain well into the first quarter of this year as the markets gauge the resilience of the European and global financial system, and how it will cope with potential additional shocks. There will be three main causes for the continuing volatility: first, the future of Europe; second, the US elections; and third, the nature and effect of the slowdown in Chinese growth.
"We continue to pursue companies which, irrespective of the short-term market uncertainties, are benefiting from longer-term global trends and show strong global competitiveness. These include companies benefiting from the mitigation of climate change, growth in emerging market demand and demographic trends. These trends will continue to shape the global economy throughout 2012."
Schroders plc 1
Registered office at above address
Reg. 3909886 England For your security, communications may be taped or monitored
Schroder Investment Management Limited31 Gresham Street, London EC2V 7QA
Telephone +44 (0)20 7658
6000 Fax +44 (0)20 7658 6965 www.schroders.com
Schroder's Global Equities business manages £10.7 billion (as
at 30 September 2011) of funds on behalf of clients
globally.
For Virginie's full outlook article and video visit http://bit.ly/w6dvnC/ http://bit.ly/A0xPjB
-Ends-
Estelle Bibby - Institutional PR Tel: +44 (0)20 7658 6000 /
publicrelations@schroders.com
Georgina Robertson - International PR Lauren Stewart -
Intermediary PR
Caroline Smith - Broadcast & Social Media
Notes to Editors
For trade press only. To view the latest press releases from Schroders go to:
http://ir.schroders.com/media
These are the views of Virginie Maisonneuve and may not
necessarily represent views expressed or reflected in other
Schroders communications, strategies or funds.
Schroders is a global asset management company with £182.2bn
(€211.6 billion, $283.9 billion) under
management as at 30 September, 2011. Our clients are major
financial institutions including pension funds, banks and
insurance companies, local and public authorities,
governments, charities, high net worth individuals and retail
investors.
With one of the largest networks of offices of any dedicated
asset management company, we operate from 32 offices in 25
countries across Europe, the Americas, Asia and the Middle
East. Schroders has developed under stable ownership for over
200 years and long-term thinking governs our approach to
investing, building client relationships and growing our
business.
Further information about Schroders can be found at www.schroders.comor on Schroders Talking
Point www.schroders.com/talkingpoint
Issued by Schroder Investment Management Ltd, which is
authorised and regulated by the Financial
Services Authority.
For regular updates by e-mail please register online at www.schroders.comfor our alerting service.
Schroders plc 2
Registered office at above address
Reg. 3909886 England For your security, communications may be taped or monitored
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