3 fonti di alfa sfruttabili

Diverse tendenze del mercato delle obbligazioni corporate in franchi svizzeri hanno reso, a nostro avviso, questa asset class degna dell’attenzione degli investitori alla ricerca di un reddito stabile a fronte di un rischio relativamente contenuto. Esaminiamo più da vicino perché riteniamo questa asset class interessante in questo momento e spieghiamo perché consideriamo cruciale che gli investitori gestiscano attivamente i loro portafogli.

The reopening of the Strait of Hormuz has reduced inflation concerns. While tight credit spreads limit upside, fundamentals and technicals remain supportive of fixed income markets. We are modestly constructive but cautious, particularly on private credit, where complacency around liquidity risks appears underappreciated.

The closure of the Strait of Hormuz reignited inflation concerns and prompted major central banks into a more hawkish stance. While inflation has risen, we believe the shock is temporary, making further ECB and Fed tightening unlikely. An additional hike from the BoJ is likely, in our view, but it risks moving too slowly.

EM fixed income stayed resilient through the war-induced shock. As oil prices fell, inflation remained contained. Capital inflows resumed after a brief interruption and sovereign rating upgrades continued. We believe the asset class is supported by elevated global risk appetite, attractive local-currency yields, and diversification away from US assets.

The investment grade market faces an AI-driven supply surge as hyperscalers reshape credit dynamics. In high yield, surface stability masks elevated issuer dispersion and structural divergence, while CHF markets remain supported by benign inflation, strong demand, and favorable seasonal dynamics.

I mercati emergenti occupano una quota sempre più ampia dell'attenzione degli investitori. Ma perché? Guarda questi video per avere un quadro generale.