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Asset Allocation Consensus October 2013

|Includes:AGG, EEM, EMB, EPP, EWJ, GSG, GTIP, IBND, IFGL, IGOV, IHY, MINT, SPY, iShares MSCI World ETF (URTH), VGK

Asset allocation remains stable

This month, we again added asset allocation reports to our universe. Two new asset managers joined our list of research parties:

  • Barclays with In Focus
  • Neuberger Berman with Asset Allocation Committee Outlook

As a result, the number of asset managers that can "bear the test of criticism" has risen to 36!

Most adjustments (26 in total) were made in the regional allocation. The number of adjustments in the bond categories was limited to 13. Many modifications balanced each other out. In the end, the only recommendations that really changed were the following:

  • Equities Europe VGK switched from neutral to overweight
  • Equities Emerging Markets EEM from underweight to neutral

Asset Allocation - Recommendations and Ranking

Rank# Asset Code Recommendation Rank#-1
1 Equities URTH Overweight (1)
2 Real Estate IFGL Overweight (2)
4 Cash MINT Neutral (3)
3 Commodities GSG Underweight (4)
5 Bonds AGG Underweight (5)

Distribution of Asset Allocations & Recommendations

Distribution of Asset Allocation & Recommandations

Regional Allocation - Recommendations and Ranking

Rank# Asset Code Recommendation Rank#-1
1 Equities JP EWJ Overweight (1)
2 Equities US SPY Overweight (2)
5 Equities EU VGK Overweight (3)
3 Equities Pac ex JP EPP Neutral (4)
4 Equities EM EEM Neutral (5)

Distribution of Regional Allocation & Recommendations

Distribution of Regional Allocation & Recommandations

Credit Allocation - Recommendations & Rankings

Rank# Asset Consensus Recommendation Rank#-1
1 High Yield IHY Overweight (1)
2 EM Debt EMB Neutral (2)
3 Corporate Bonds IBND Neutral (3)
4 Inflation Linked Bonds GTIP Underweight (4)
5 Government Bonds IGOV Underweight (5)

Distribution of Credit Allocation and RecommendationsDistribution of credit allocation & Recommendations

List of asset managers and their asset allocation reports:

Nr

Asset Manager

Document

1

Amundi

Amundi Allocation Solutions

2

AXA IM

Asset Allocation Letter

3

Barclays

In Focus

4

BlackRock

Global Strategic Framework

5

BNP Paribas IP

Asset Allocation Monthly

6

Columbia Management

Investment Strategy Outlook

7

Dexia AM

Weekly Strategic Insight

8

Edmond de Rotschild

Asset Allocatie Strategy

9

F&C Investments

Vooruitzichten Tweede kwartaal 2013

10

Fidelity

Clock Wise

11

Franklin Templeton

Tactical Asset Allocation Vieuws

12

Goldman Sachs

GOAL: Global Opportunity Asset Locator

13

Henderson GI

Multimanager update

14

ING IM

Asset Allocation Views

15

Invesco

Asset Class Opportunities

16

Investec

Asset Allocation Indicator

17

Janus Capital

CIO Update

18

JP Morgan

Monthly investment outlook

19

Kames Capital

Strategy Update

20

KBC

Beleggingsstrategie

21

Kleinwort Benson

Market Pulse

22

L & G IM

Asset Allocation

23

LGT Capital Management

The Beacon Weekly Market Update

24

Morgan Stanley

Asset Allocation and Strategy Commentary

25

Natixis Asset Management

Fixed Income Strategy weekly

26

Neuberger Berman

Asset Allocation Committee Outlook

27

Northern Trust GI

Global Asset Allocation Model

28

Pictet AM

PAM Barometer

29

Pioneer

Global Markets Strategy Report

30

Putnam Investments

Capital Markets Outlook

31

Robeco

Maandvisie

32

Schroders

Global Market Perspective

33

SEB

SEB X-asset Research

34

Standard Life Investments

Global Perspective

35

Threadneedle

Asset Allocation Update

36

UBP

Portfolio Construction

Eelco Ubbels RBA

Stocks: URTH, IFGL, MINT, GSG, AGG, EWJ, SPY, VGK, EPP, EEM, IHY, EMB, IBND, GTIP, IGOV