Monthly Asset Allocation

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. This contradicts, in the short term at least, my assertions of the previous month, when I said that Swiss equities needed to be cleaned out. In a bad-timing kind of way. Nevertheless, despite this remarkable turnaround, I'm still very cautious about these positions, which unfortunately remain very expensive. And, of course, the situation hasn't improved since the previous month - quite the contrary. The allocation therefore remains light or cash for the 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.

Finally, for the last two allocations (real estate and alternative strategies), no change.