(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.
The AOF information reproduced on Capital.fr is taken from the AOF information service. This information is protected by intellectual property rights owned by OPTION FINANCE SAS, publisher of the AOF real-time stock market information service, and its contributors. Consequently, any reproduction, copy, duplication, modification, transfer, redistribution, translation, commercial or non-commercial exploitation, creation of hypertext link or reuse in any way whatsoever of this information is subject to the prior written consent of OPTION FINANCE SAS and its contributors. AOF can be reached at the following address [email protected] OPTION FINANCE SAS collects its data from sources it considers the most reliable. However, subject to gross negligence, OPTION FINANCES SAS and its contributors in no way guarantee the absence of errors and defects, even hidden, nor the exhaustiveness or lack of conformity for any use whatsoever of these data and of OPTION FINANCE. SAS or one of its contributors, and cannot be held responsible for delays or interruptions that could affect access to them. The user of the OPTION FINANCE SAS service will use AOF data at his own risk and must hold OPTION FINANCE SAS and its contributors harmless from any claim resulting from this use.