Monthly asset allocation update available here.
Comment
There were few changes from the previous month in terms of asset allocation, even if there were a few surprises.
Indeed, Swiss equities have completely reversed their trend, moving from a fairly pronounced bearish phase to a strongly bullish one. The SMI has jumped by over 7% in the space of a month - quite a feat, and one that will obviously please all Swiss investors and my spiritual brother. dividinde. Voilà qui contredit, à court terme du moins, mes affirmations du mois précédent, puisque j'affirmais qu'il fallait effectuer le grand nettoyage sur les actions helvétiques. Dans le genre mauvais timing c'est pas mal. Néanmoins, malgré ce remarquable revirement de tendance, je reste encore et toujours très circonspect par rapport à ces positions car elles demeurent malheureusement très chères. Et évidemment ça ne s'est pas amélioré depuis le mois précédent, bien au contraire. L'allocation reste donc allégée ou cash pour l'ETF.
European equities have also surged, moving from a fairly pronounced bearish phase to a slightly bullish one. In contrast to Swiss stocks, European equities remain affordable in price terms. As a result, the allocation has been reduced to slightly invested.
As for US stocks, there's no change: the trend is still strongly positive, and prices are still totally out of touch with reality. The ETF's allocation therefore remains slightly lightened or cash.
Canadian stocks continue to perform well, with the positive trend gaining further momentum. Nevertheless, valuations are slightly high. The allocation therefore remains lightly invested.
No change in Japanese equities, where valuations remain attractive, with a slight positive trend. The allocation therefore remains lightly invested.
In emerging markets, the fall continues and is even accentuating. Last month's change of allocation from invested to light or cash was therefore entirely correct this time. This allocation therefore remains unchanged.
No change in Swiss bonds either. From month to month, trends go from slightly positive to slightly negative. In any case, valuations are unattractive due to low interest rates. A cash position, therefore.
In gold, too, last month's watchword was correct. Valuations are attractive, but the downtrend that began last month is still gathering pace. Cash position.
Enfin, pour les deux dernières allocations (real estate et stratégies alternatives), pas de changement.
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Among European equities, the UK market seems particularly interesting to me. Not least because of Brexit fears, valuations are very reasonable.
I find that the real estate and construction sector currently offers an excellent risk/return ratio. I've found a UK stock active in this field that I really like and which I'm thinking of buying in the next few days. I'll also try to find the time to do a little analysis...
I share your opinion on the UK market and in particular the real estate and construction sector.
I'm curious and eager to read your future analysis.
I personally haven't provided any analysis lately, being quite busy between vacations, personal and professional matters.
I'm living in a time of transition in many respects, which should lead to positive consequences if all goes well.
And it has to be said that investment opportunities are as rare as ever, so there's not much worth analyzing.
But I promise to get back to it soon 🙂
Ah ha... Can we know more about these changes yet, or is it still confidential?
Perhaps you've discovered a gift for teleportation? Children in Uzbekistan? An allergy to dividends? A future collaboration with Warren Buffet... 😉
As you know, Buffett decided to disinherit his children. He thought he'd share it with a little Swiss blogger-investor. So that's going to give me a 'little' boost 😉
Joking aside, let's just say that I'm continuing to lay the foundations for working less, improving my quality of life and enjoying life more.
Who says the road to financial independence has to be frugal? Well, it may be a bit frugal at first, but then you have to reap the rewards:)
LOL, I didn't know you were rubbing shoulders with Warren too! 🙂
I wish you every success in your quest, and you're right not to forget to enjoy the present moment. The path is as important as the destination.