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15 giu 2018

4 things to do in Q3


Chanchal Samader

By Chan Samadder, Head of Equity ETF:

Around now, thoughts tend to turn to the holidays and long, relaxing days by the beach. But before reaching for the suncream you have to check the forecasts and ensure your portfolio also has the requisite protection. Like an unruly child running by the pool, or an English central defender dwelling on the ball, today’s markets and politics demand constant attention. Here’s our guide to a successful and stress-free summer:

1. Be prepared for bad weather


We advise caution currently given trade wars, geopolitical tensions, rising populism and the omnipresent uncertainly over the timing and/or extent of the withdrawal from ‘super loose’ monetary policies. We expect some stormy conditions – especially among equities – as the cost of debt spirals and the global economy peaks. Decent returns will be harder to find, especially in more mainstream destinations, so for peace of mind we’re focusing on diversifying by getting off the beaten track and using risk reducers and other protection strategies.

ETFs to consider 

Fund name  Bloomberg ticker  TER Asset class
Lyxor ftse usa minimum variance MVAU

0.20%

Equities

Lyxor ftse europe minimum variance

MVAE

0.20%

Equities

Lyxor ftse us quality low vol dividend 

BUCK

0.19%

Equities

Lyxor sg global quality income ntr

SGQI

0.45%

Equities

Source: Lyxor International Asset Management, TER as a 13 June 2018 

2. Choose your destination wisely​

There are some bright spots however, so we’re not entirely risk-averse. Europe’s busy political agenda could delay policy tightening, and the current soft patch is temporary in our eyes. Any rebound should trigger a catch-up of earnings growth and support stocks. For now though, political issues ensure we’re not as positive as we once were but France looks attractive on the back of strong structural reforms. We continue to favour cyclical sectors such as consumer discretionay, as well as construction and materials. They are well positioned to benefit from the domestic recovery and have been deleveraging and improving their solvency in the last couple of years. We’re steering clear of most conventional European bonds.

Euro area earnings catching up

12-month trailing EPS for MSCI Indices

                  Chart 1

THE FIGURES RELATING TO PAST PERFORMANCES REFER TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR FOR FUTURE RESULTS. THIS ALSO APPLIES TO HISTORICAL MARKET DATA.
Sources:  Lyxor International AM, Bloomberg, Citigroup, SG Cross-Asset Research/Global Asset Allocation/ Equity Strategy as at 13/06/2018

In the US, the headwinds are such that they should keep the Fed tied to its current path. We expect Treasuries to remain de-coupled from political tensions in Europe and to gradually drift higher from here. We expect lower returns from equities, especially as there’s little room for additional economic impetus beyond the tax cuts and the mid-term elections threaten some turbulence. Corporate buying should at least provide some support. Credit (whether high or low quality) is off our radar as the cost of debt is rising at a time when leverage is at all-time highs and recession may be drawing closer.

We remain positive on commodities, but prefer base metals. Both oil and base metals should continue to be supported by strong fundamentals as recovering demand meets with struggling supply. Oil comes with a little more downside risk however. We’re also interested in those commodity-linked assets, like the FTSE 100, which lagged the initial commodity price recovery. 

Commodities’ performance at different stages of the economic cycle*

                     Chart 2

*Different stages of the economic cycle determined through the shape of US yield curve. Analysis since January 2000. Average performance of assets for each period. THE FIGURES RELATING TO PAST PERFORMANCES REFER TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR FOR FUTURE RESULTS. THIS ALSO APPLIES TO HISTORICAL MARKET DATA.Sources:  Lyxor International AM, Bloomberg, SG Cross-Asset Research/Global Asset Allocation/ Equity Strategy as at 13/06/2018

Inflation as an asset class remains of interest, and breakevens may represent the path of least resistance over the coming months. They also offer diversification benefits which could prove beneficial as we head for the exit from a low inflation, low volatility world.  

ETFs to consider 

Fund name  Bloomberg ticker  TER Asset Class
Lyxor CAC 40  CAC

0.25%

Equities

Lyxor MSCI EMU Small Cap  MMS

0.40%

Equities

Lyxor Commodities Thomson Reuters/ CoreCommodity CRB  CRB

0.35%

Commodities

Lyxor MSCI World Energy TR  ENERW

0.30%

Equities

Lyxor US$ 10Y Inflation Expectations  INFU

0.25%

Fixed income

Source: Lyxor International Asset Management, TER as a 13 June 2018 

3. Consider something more exotic​​

With developed markets overcrowded and overvalued, it could be time to spread your wings to more exotic destinations. We like China, but it could be time to include a few more EM destinations in our plans. A number of other countries offer external surpluses, low inflation and reasonable growth, and could now be better value after the recent sell-off. This should provide protection when the greenback’s run of strength eventually gives way. It could be time to renew your focus on Asia’s domestic stories given external risks might rising. Onshore Chinese equities - benefit from reasonable growth, increased accessibility and low correlation with developed equities. ASEAN markets also appeal as could, in time, India.

ETFs to consider 

Fund name Bloomberg ticker  TER Asset class
Lyxor china enterprise (hscei) 

CINA

0.65%

Equities

Lyxor msci india 

INDI

0.85%

Equities

Lyxor msci indonesia

INDO 0.55% Equities 
Lyxor msci malaysia 

MAL

0.65%

Equities

Lyxor thailand TAI 0.45%

Equities

4. Travel only in good company ​

The US economy has been more resilient than its counterparts in Japan and the eurozone. However, its economic surprise indicator has already passed its peak. Corporate bonds should come under pressure as corporate debt piles up - further encouraged by fiscal reform - and the Fed tightens. If you do have to hold credit, we’d suggest making any journey brief. When debt fears rise and balance sheets come under the microscope, equity volatility also tends to increase, providing an incentive to reduce or reshape your equity exposures. A greater weighting to quality income or value stocks could be a solution at this late stage of the cycle.

At this stage, credit spreads have remained quiet

               Chart 3


THE FIGURES RELATING TO PAST PERFORMANCES REFER TO PAST PERIODS AND ARE NOT A RELIABLE INDICATOR FOR FUTURE RESULTS. THIS ALSO APPLIES TO HISTORICAL MARKET DATA. Sources:  Lyxor International AM, Bloomberg, BEA, SG Cross-Asset Research/Global Asset Allocation/ Economics as at 13/06/2018

 ETFs to consider 

Fund name 

Bloomberg Ticker

TER

Asset class

Lyxor ftse us quality low vol dividend 

BUCK

0.19%

Equities

Lyxor sg global value beta 

SGVB

0.40%

Equities

Lyxor msci emu value 

VAL

0.40%

Equities

All views & opinion: Lyxor Equity ETF  & Lyxor Cross Asset Research teams, as at 13 June 2018. Charts sourced from SG Cross Asset Research team (“Expect less for longer”).Past performance is no guide to future returns. *All TERs correct as at 13 June 2018.



Risk Warning


THIS COMMUNICATION IS FOR ELIGIBLE COUNTERPARTIES OR PROFESSIONAL CLIENTS ONLY

Past performance is no guide to future returns.

This document is for the exclusive use of investors acting on their own account and categorized either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets in Financial Instruments Directive 2004/39/EC. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on www.lyxoretf.com, and upon request to client-services-etf@lyxor.com.

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Updated composition of the product’s investment portfolio is available on www.lyxoretf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed.

Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product. This document is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.

Lyxor International Asset Management (LIAM), société par actions simplifiée having its registered office at Tours Société Générale, 17 cours Valmy, 92800 Puteaux (France), 418 862 215 RCS Nanterre, is authorized and regulated by the Autorité des Marchés Financiers (AMF) under the UCITS Directive (2009/65/EU) and the AIFM Directive (2011/31/EU). LIAM is represented in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658. Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudentiel et de résolution (the French Prudential Control Authority).

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website www.lyxoretf.com/compliance.

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

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