Citibank ser generelt fremgang for de amerikanske aktier under efterårets valgkamp, men banken ser dog risici for high-tech selskaber, der har klaret sig godt indtil nu. Derfor er banken neutral i sin vurdering af de store selskaber. Til gengæld ser banken større mulighed for de mindre og mellemstore selskaber, fordi de har haltet efter de store i kursudviklingen. Banken tror også, at asiatiske og kinesiske selskaber er overvurderet, men på længere sigt tror banken på potentialet i en række asiatiske aktier.
Potential Headwinds for US Equities
Implications for portfolio allocations
US equities ended July with the S&P rising 5.5% (1.2% YTD). The Technology sector broke out to new records high with the Nasdaq composite up 6.8% for July (19.8% YTD).
With this, Citi’s Global Investment Committee (GIC) is neutral on US large cap equities, and allocate their overall global equities overweight to increase diversification.
Within the US, small and-mid caps are preferred, having lagged large-caps in the recovery.
Another area the GIC is overweight is Emerging Asia – Chinese shares have rallied in July with Shanghai Composite Index up 10.9% (8.5% YTD). Though near-term consolidation could be likely, Citi analysts are long-term optimistic on Asian consumption, technology and healthcare themes
