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Charts that matter 07.05.2015 bund unloading
1. The Charts That Matter
Bund-unloading
May 7, 2015
By Loïc Schmid
1Investir.ch Charts That Matter are sponsored by SEQUOIA Asset Management SA
Loïc Schmid – 07.05.2015
2. 2
Views in a nutshell
Assets 07.05
S/T view
07.05
L/T view
04.03
S/T view
04.03
L/T view
Comments
Cash Keep cash for opportunities
Investment grade bonds Buy dips and new issues
High yield bonds Be selective
Sovereign bonds Great opportunities US and EU short term!
Convertibles bonds Equity-like risk
European equities Short term overextended, long term looks ok
US Equities Still waiting for a 10% correction, at least…
Japanese equities Long term trend is positive
Emerging equities Increasing attractiveness
Precious metals Buy dips
Oil Buy dips
Hedge funds CTAs and Macro strategies continue to be attractive
Volatility Buy volatility on dips
USD Looks stretched short term
Negative PositiveNo view
Previous viewsCurrent views
Investir.ch Charts That Matter are sponsored by SEQUOIA Asset Management SA
Loïc Schmid – 07.05.2015
21. 21
Key takeaways
US equities – the end is near
European stocks – room for improvement
Swiss stocks – expensive
Emerging markets – opportunities
Fixed income – current weakness in EU sovereign debt is a s/t buying opportunity
Commodities – buy dips in Gold, oil and commodity-linked stocks
Volatility – buy dips
Cash - overweight
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Investir.ch Charts That Matter are sponsored by SEQUOIA Asset Management SA
Loïc Schmid – 07.05.2015
22. Disclaimer
ECB
22
The information contained in this material should not be construed as a recommendation or solicitation to buy or sell any security, or
to participate in any investment strategy. It does not take into account the specific investment objectives, financial situations, or the
particular needs of any specific entity or person. Investors should make their own appraisal of the risks and should seek their own
financial advice regarding the appropriateness of investing in any securities or participating in any investment strategy. This material
should not be construed as legal, business or tax advice.
While the information (including any historical returns) in this material has been obtained from sources deemed reliable, SEQUOIA
Asset Management S.A. does not guarantee its accuracy, timeliness or completeness. Any opinions expressed herein are statements
of our judgment on this date and are subject to change without notice. Past performance is no indication of the future return.
This information document or any part of it should not be copied, reproduced or distributed to anyone without the prior written
approval of SEQUOIA Asset Management S.A.
Investir.ch Charts That Matter are sponsored by SEQUOIA Asset Management SA
Loïc Schmid – 07.05.2015