Generali Investments remains in defense: bad news not yet fully priced

Vincent Chaigneau, head of research at Generali Investments, in Investment View Q confirms the underweight and high yield in equities and favors liquidity and investment-grade bonds. Follow us The accelerated tightening of the Central Bank’s monetary policy and the European energy crisis are strong headwinds for the world economy, and the downward forces are expected to increase during the year. The probability of a very negative scenario is unusually high. A pivot from the Federal Reserve and a potential diplomatic opening in Ukraine would be strong bullish forces, but unlikely anytime soon. Risky assets have not yet fully priced in bad news, investors are on the defensive, but equity funds are still seeing gains. However, there are cracks in the global financial framework, partly due to a lack of low-risk assets and extreme political uncertainty. RISK-FREE ASSETS LIMITED RISK These are the characteristics of Vincent Chaigneau, head of research at Generali Investments, who currently maintains a defensive portfolio, long in liquidity, short in equities and high yield. limited duration credit with limited exposure, but after that he sees limited growth in risk-free returns. Treasuries are a better safe haven than Bunds, while Generali Investments Investment Grade credit is relatively cheap and offers attractive cost…

Ethan Andrews

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