Will the tech rally ever end?
New technologies drive the economy forward, but don’t guarantee continual profits.
Investment compass – June 2024
The monthly publication includes a topical editorial, our positioning including the conclusions from the analyses, a market overview of the most important asset classes, an assessment of the current economic situation in various regions, and our current model portfolios.
When investing in tech stocks, it’s important to bear in mind that revenue and earnings growth aren’t the same thing.
Positioning
Healthy scepticism
There’s still no clear, positive impetus from the economy. Meanwhile, very high expectations have already been factored into tech stocks. We remain cautious and are focusing on particular regions and sectors.
Market overview
Uncertainty over US monetary policy predominant
Uncertainty over US monetary policy led to volatility on the bond markets. While the equity markets proved resilient in this climate, they didn’t show any clearly positive momentum either.
Economy
Growth on hold
Data on the global economy has barely changed over recent weeks. The wait for a clear direction goes on.
Model portfolios
High expectations
While bond markets were volatile, the tech-heavy US stock markets were unperturbed and made further gains. High expectations are now likely to have been factored into tech stocks. We remain sceptical and continue to favour value stocks over the US equity market.
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