Lyxor - CIO Views - October 2015


Navigating the storm: In risk budgeting and alpha we trust


Sailors and mountaineers know it: weather can vary all of a sudden and change a nice family journey into a dangerous endeavour. 2015 started like a beautiful year, blessed by as many as fourteen central banks’ simultaneous efforts to support the economy, with the BoJ and ECB at the forefront. The family picture on 31 March was great: equities and bonds were up during the first quarter; European equities were finally catching up with US equities (up 22%), while Asian stocks were also posting double digit gains, led by China and Japan.

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