Didier Duret - RTL.nl

Quarterly Outlook Q4 2012
Didier Duret
Chief Investment Officer,
ABN AMRO Private Banking
September 2012
Work in progress
The enormous efforts in progress since the start of the
global financial crisis in 2008 seem finally to be showing
some results, though there is still more to be done.
However, the end of “muddling through” may be in sight.
The European Central Bank has recently taken some
uncharacteristically bold steps to protect the single currency,
and certain indicators in the United States are starting to
surprise on the upside.
The global economy now faces political uncertainties:
leadership change in China and possibly in the US, the US
“fiscal cliff” at year-end, and the stringent measures
required to ensure the euro’s survival. Investors should
remain aware of these while pursuing progress on the value
of their portfolios.
The time is therefore ripe to abandon anxieties and with
them, safe havens, and government bonds in particular.
These have become especially expensive and should be
avoided in favour of lower-rated investment-grade bonds,
European equities and high-quality listed US property,
among other asset classes. Selected hedge funds can also
offer opportunities.
Through these and other investment views, the ABN AMRO
Private Banking Research & Strategy team aims to assist
you in investing prudently and successfully. Your
Relationship Manager or nearest Investment Advisory
Centre (see back cover) is also ready to work with you on
selecting the asset classes reflecting the risk/return strategy
that best meets your investment needs, continuing the work
in progress on your investment portfolio.