Kieger Multi Asset Chart of the Month – Kieger
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Kieger Multi Asset Chart of the Month

Kieger Multi Asset Chart of the Month

After the COVID-induced selloff in March 2020, the US equity market has climbed strongly and steadily to new highs. For the whole of 2021, this has been earnings-driven, rather than multiple expansion. Certainly, the economy has rebounded. But in addition, behind the scenes, PROFIT MARGINS are running at record highs! It appears that the pandemic and lockdowns have driven significant cost-cutting and technology-led efficiency gains.

What does this mean? Firstly, companies can afford to pay higher wages and input costs and this doesn’t have to feed through to consumers. So perhaps this really will be the “good” type of inflation. Secondly, with strong earnings, no multiple expansion this year and possibly good inflation headlines, the medium-term outlook for US markets is rosy. Keep an eye out for a jump in productivity figures.

Related News

Multi Asset
1. November 2021

Kieger Multi Asset Chart of the Month

Halloween Scare? Globally, government bond yield curves have flattened as central banks started signalling the end of the era of ultra-loose monetary policy. But the flattening of yield curves accelerated last week after the UK reduced bond-issuance plans and the Bank of Canada accelerated the time of potential future rate increases.

Multi Asset
8. October 2021

Kieger Multi Asset Chart of the Month

Certainly not Chairperson Powell’s “knockout, great, super strong employment report” but Still Enough for Fed to Taper. September job growth in the US was underwhelming vs. expectations but still a green light for a Fed taper announcement by year-end.

Multi Asset
3. June 2020

Asset Allocation

Going back more than 20 years, Kieger’s legacy has been built in healthcare and small companies. Over these decades we have developed our own “unique” asset allocation which has some outstanding and attractive portfolio characteristics, especially in recent turbulent times.

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