Julius Baer CIO Monthly – a view from the top on key market trends

At an ad hoc CIO Update Call, Yves Bonzon, Julius Baer's Chief Investment Officer and Head Investment Management, and Markus Allenspach, Head Fixed Income Research, analysed this week's market stress in the context of Julius Baer Investment Approach and provided an outlook for the next months.

A full-blown trade war between the US and China is a rather unlikely scenario, according to Yves Bonzon. In the video, Julius Baer's Chief Investment Officer explains why the dispute could lead to lower - rather than higher - trade barriers.

In light of the normalisation of the US economy, a gradual tightening of the monetary policy is warranted. While there is policy clarity in the US, in Europe there is uncertainty. Listen to our Chief Investment Officer Yves Bonzon elaborating on the economy in his CIO Monthly.

Despite rising US interest rates and fears of a trade war triggered by Donald Trump, Chief Investment Officer Yves Bonzon does not see the need for a radical shift in the asset allocation. Nevertheless, investors should improve the liquidity profile of their portfolio and marginally reduce equities.

Yves Bonzon, Chief Investment Officer (CIO) and Head Investment Management at Julius Baer, analyses the question whether we are confronted with a technical correction in the context of stable fundamental growth or if there are reasons to believe more profound tectonic shifts are taking place.

Yves Bonzon, Chief Investment Officer (CIO) and Head Investment Management at Julius Baer on a his expectations for 2018.

Every decade is characterised by a different economic and investment environment. The outperformers of the previous decade are unlikely to stay at the top of the performance league tables in the next decade. Julius Baer adopts a forward-looking investment approach, structuring its asset allocation to capture returns resulting from secular trends.

At Julius Baer, we strategically position our clients' portfolios according to secular trends. As we believe that mean reversion may not happen within a useful time frame, our Secular Outlook provides useful guidance when combining the risk-return expectations of asset classes into a meaningful portfolio.

In our annual Secular Outlook process, we identify key macroeconomic and capital market trends, as well as key risk factors for the next five years.

Every decade is characterised by a different economic and investment environment. The outperformers of the previous decade are unlikely to stay at the top of the performance league tables in the next decade. Julius Baer adopts a forward-looking investment approach, structuring its asset allocation to capture returns resulting from secular trends.

At Julius Baer, we strategically position our clients' portfolios according to secular trends. As we believe that mean reversion may not happen within a useful time frame, our Secular Outlook provides useful guidance when combining the risk-return expectations of asset classes into a meaningful portfolio.

In our annual Secular Outlook process, we identify key macroeconomic and capital market trends, as well as key risk factors for the next five years.

Every decade is characterised by a different economic and investment environment. The outperformers of the previous decade are unlikely to stay at the top of the performance league tables in the next decade. Julius Baer adopts a forward-looking investment approach, structuring its asset allocation to capture returns resulting from secular trends.

At Julius Baer, we strategically position our clients' portfolios according to secular trends. As we believe that mean reversion may not happen within a useful time frame, our Secular Outlook provides useful guidance when combining the risk-return expectations of asset classes into a meaningful portfolio.

In our annual Secular Outlook process, we identify key macroeconomic and capital market trends, as well as key risk factors for the next five years.

Yves Bonzon, Chief Investment Officer (CIO) and Head Investment Management at Julius Baer on highlights from 2017.