Aktierne blev langt hårdere ramt end obligationer i første kvartal, skriver J.P.Morgan i en analyse, og det var især de mindre selskaber, der blev hårdt ramt. Det viser, at investorerne bør satse på høj-kvalitetsselskaber.
Uddrag fra J.P.Morgan:
Thought of the week
Markets turned sharply negative in the first
quarter of the year as the COVID-19
pandemic and social distancing brought
certain areas in the global economy to a
halt.
U.S. equities dropped by the most in a
quarter since 2008, with small cap being
the worst performer at -30.6% and large
cap stocks returning -19.6%. The global
spread of the virus led to a sell-off in
international equities, which delivered
double-digit negative returns as well.
Fixed income played its defensive role and
delivered a positive return of 3.1%, as the
Federal Reserve cut interest rates to zero
and announced unlimited quantitative
easing. And while global high yield
outperformed equities, it still finished the
quarter at -15%, given concerns around the
effect of shutdowns.
Additionally, commodities dropped by -23.3% with the
double shock of decline in demand and a
plunge in oil prices after a rise of tensions
between Saudi Arabia and Russia. While the
outlook for the rest of the year is highly
uncertain, investors should remember that
the disruption will eventually end and the
economy will bounce back once the virus is
contained.
In times like these, a balanced
approach to asset allocation is essential for
long-term investors, with a focus on
high-quality companies that can weather
this downturn and thrive in the economy.