In Kürze

As we enter the final month of Q1, the dominant theme this year has been the bond-stock bifurcation: despite the hawkish repricing of rate cut expectations, equity markets have stayed on the steep positive slope of late 2023.


  • Overly ambitious rate cuts expectations by the turn of the year have deflated to now far more reasonable levels. Notwithstanding concerns about the ‘last mile’ of the disinflation journey, we are starting to warm up to bonds; any further investor capitulation will be an opportunity to extend duration to beyond benchmark.
  • Equity markets have proven remarkably resilient to the central bank repricing. This bifurcation owes much to the ‘AI miracle’ and rising optimism about the economy. Still, at this still fragile point of the cycle, and with (geo)political risk lurking, bullish investor sentiment and positioning, as well as depressed risk asset volatility, reflect a bit of complacency. 
  • Our underweights in Equities and High Yield credit are small, but we prefer safer (IG) buckets in Fixed Income and retain a tactical Cash overweight.

Download the full publication below


© Generali Investments, alle Rechte vorbehalten. Diese Website wird von der Generali Investments Holding S.p.A. als Holdinggesellschaft der wichtigsten Vermögensverwaltungsgesellschaften der Generali Gruppe zur Verfügung gestellt, die direkt oder indirekt die Mehrheitsbeteiligung an den unten aufgeführten Gesellschaften hält (im Folgenden gemeinsam "Generali Investments"). Diese Website kann Informationen über die Tätigkeit der folgenden Gesellschaften enthalten: Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (einschließlich Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S. p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* und unter deren Tochtergesellschaften Global Evolution Asset Management A/S - einschließlich Global Evolution USA, LLC und Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC sowie Generali Investments CEE. *Einschließlich Conning, Inc, Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc, Goodwin Capital Advisers, Inc. (zusammen "Conning").