The next 12 to18 months is going to be a challenging time for multi-asset investors – whether they are focused on total returns or on income – particularly as the efficacy of monetary policy is being called into question. As monetary policy is gradually forced to take a back seat to fiscal easing, investors should brace themselves for continued asset volatility. And they should be aware that relying on traditional balanced portfolios in tomorrow’s low return future simply isn’t going to cut it.
Talib Sheikh is portfolio manager, Multi-Asset Solutions, at JP Morgan Asset Management
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