Aviva Investors France remains very slightly overweighted in the euro zone

Aviva Investors France remains very slightly overweighted in the euro zone
Aviva Investors France remains very slightly overweighted in the euro zone

(AOF) – Aviva Investors France maintains its neutral view on equities. The markets seem to him to be relatively well valued compared to the phase of the economic cycle that we are going through. The manager will wait for the results of the second quarter which will take place from mid-July. For about a month now, the equity markets have mainly responded to the expectations they form on the evolution of US monetary policy, he observes.

Aviva Investors France believes that the Jackson Hole conference of central bank presidents at the end of August should address the subject of reducing Federal Reserve asset purchases. Indeed, US inflation remains high, even if it is considered transitory.

Its neutral opinion on equities is tactical: it falls within a horizon of a few months. Economic growth and business results are improving. The fundamentals therefore remain well oriented. In this context, Aviva Investors France could take advantage of any market corrections to strengthen its position in equities.

From a sector perspective, the manager is maintaining its position in Energy in the euro zone to support the recovery of this sector. He believes that the valuation of the sector does not take into account the rise in the price of the barrel, which is at a 3-year high.

Aviva Investors France slightly increased its position in American semiconductors, during the month of June, to capitalize on the cycle of this segment which is currently suffering from a shortage.

From a geographical point of view, the manager remains very slightly overweighted on the euro zone compared to its benchmarks, because this zone seems to him to be able to benefit from the global economic recovery and should be able to catch up with its performance lag compared to the States. -United.

In other geographic areas, its positions are broadly neutral compared to its benchmarks.


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