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4 entries

02-Apr-2019 14:08:00

LGT Beacon: Tactical asset allocation for Q2/2019

Risk asset prices rebounded strongly over the past quarter following a US-led dovish shift in the monetary policy outlook, but economic growth continues to decelerate and bond markets are signaling an increased risk of looming recessions. We stay neutral in equities and add exposure to fixed income segments that we view as fundamentally attractive.

09-May-2019 14:08:00

LGT Beacon: Supportive economics, challenging geopolitics

Last fall, investors feared the US could be sliding toward a recession by this time of the year. In the meantime, the Federal Reserve has eased its policy stance, the US economy has remained rather strong, and global growth is stabilizing. These factors should ultimately outweigh the risks emanating from the contentious Sino-American trade dispute.

13-Jun-2019 10:08:00

LGT Beacon: Tactical asset allocation for Q3/2019

Early last month, just when a Sino-American trade agreement seemed within reach, Washington abruptly escalated its confrontation with China, prompting the US and other central banks to signal an increased willingness to ease policy if needed. We opt to maintain a small equity overweight, while trimming emerging market positions in favor of US assets.

19-Jul-2019 15:08:00

LGT Beacon: The case for a sustained bull market

A dovish monetary policy shift outweighed concerns about slowing economic growth and the so-called trade war, fueling the strongest first half-year US equity rally since 1997. The short-term upside thus looks rather limited, amid a relatively weak earnings season. In the medium term, a successful soft landing of the US economy should sustain further gains.