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1、Thisdocumentisforprofessionalclientsandinstitutional/qualifiedinvestorsonly.Itisnottobeviewedbyorusedwithretailclients.July2012avivainvestors.comMULTI-ASSETSOLUTIONSOutlookandPositioningNickSamouilhan,PhDFRMMarketshaverecoveredsomeoftheirlossesFundManager,Multi-AssetFundssincetheMaycorrection.Whil
2、enotingtheYoramLustig,CFAPRMcompellinglong-termreturnpotentialfromriskHeadofMulti-AssetFundsassetssuchasequities,wecontinuetobewaryShamikDharHeadofInvestmentStrategyintheshortterm.MirkoCardinale,PhDHeadofStrategicAssetAllocationAmeaningfulcorrectioninriskassetsJonathanAbrahams,CA(SA)Renewedconcern
3、semanatingfromtheeurozoneledmostequitymarketstoHeadofMulti-AssetFundImplementationgiveupmuchofthisyear’sgainsduringMay,withSpainanditsbankingsystemjoiningGreeceandtheeurozoneeconomyattheforefrontofinvestors’worries.Thissell-offledto“safe”assetssuchascoregovernmentbondsapproachingorbreachingtheirpr
4、eviouslevelsofhistoricallyextremeOutlookovervaluationsalongsideaflatteningoftheircurves.AssetclassLongtermShorttermBroadequitiesAttractiveN“Riskon/Riskoff”returnsThisbroadsell-offendedthewelcomedivergencebetweenassetclassesUKequitiesAttractiveOWthatwehadseendevelopsincethestartoftheyear.Instead,ma
5、rketsUSequitiesFairvalueNreturnedtothemorebinaryworldoflastyear,withthecorrespondingJapaneseequitiesFairvalueNdichotomybetween“risky”and“safe”assets.Thistimethough,the“safe”EuropeanequitiesAttractiveUWassetsarebothfewerandmoreexpensive.AsiaPacequitiesAttractiveNEMequitiesAttractiveNAmarketrecovery
6、,butforhowlong?MarketssubsequentlyrecoveredaroundhalfoftheselossesfollowingtheannouncementofsupportforSpanishbanksandthebestpossible,iffarfromGovernmentbondsUnattractiveUWideal,outcomefromtheGreekelections.ThesustainabilityofthisrallyUKgiltsUnattractiveUWremainsindoubtbecausenoneoftheannouncements
7、providesadetailedUStreasuriesUnattractiveUWsolutiontotheeurozoneproblems.Indeed,marketsareincreasinglylessandlessconvincedbytheseshort-termfixes.AfterQE1marketsralliedforEuropeanbondsMixed*UW13months,afterQE2itwa
