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Eelco Ubbels RBA is director / owner of Alpha Research. The focus of Alpha Research is asset allocation reports from the market. These reports are inventoried on vision and arguments then categorized by asset allocation and macroeconomic themes. Opposing visions will be used as a discussion... More
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  • Asset Allocation Consensus October 2013

    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#AssetCodeRecommendationRank#-1
    1EquitiesURTHOverweight(1)
    2Real EstateIFGLOverweight(2)
    4CashMINTNeutral(3)
    3CommoditiesGSGUnderweight(4)
    5BondsAGGUnderweight(5)

    Distribution of Asset Allocations & Recommendations

    (click to enlarge)Distribution of Asset Allocation & Recommandations

    Regional Allocation - Recommendations and Ranking

    Rank#AssetCodeRecommendationRank#-1
    1Equities JPEWJOverweight(1)
    2Equities USSPYOverweight(2)
    5Equities EUVGKOverweight(3)
    3Equities Pac ex JPEPPNeutral(4)
    4Equities EMEEMNeutral(5)

    Distribution of Regional Allocation & Recommendations

    (click to enlarge)Distribution of Regional Allocation & Recommandations

    Credit Allocation - Recommendations & Rankings

    Rank#AssetConsensusRecommendationRank#-1
    1High YieldIHYOverweight(1)
    2EM DebtEMBNeutral(2)
    3Corporate BondsIBNDNeutral(3)
    4Inflation Linked BondsGTIPUnderweight(4)
    5Government BondsIGOVUnderweight(5)

    (click to enlarge)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

    Nov 03 7:10 PM | Link | Comment!
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