2 February, 2021 by Administrator
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LCP Investment Summary September 2020
Posted on 2 October, 2020 by Administrator
Global equity markets fell 1.3% (in € terms) in September. The rising number of Covid cases, particularly in Europe, was of concern to investors with many countries re-introducing varying degrees of restrictions over the month. However, this ‘second wave’ has, for the moment, seen less hospitalisations and fatalities than those seen in the March - May period.
Global economic data was mixed, highlighting again that the economic effects of the pandemic will last for some time to come. Investor sentiment was also hit by various political developments like the U.S. Presidential election which began to move centre stage, the continuing failure of U.S. politicians to strike a fiscal stimulus deal and also the possibility of the U.K. breaching international law as part of their evolving Brexit strategy. Technology stocks fell back following their previous sharp rise and energy stocks also fell on the back of lower oil and gas prices as global economic growth continued to struggle.
Longer-dated Eurozone bond prices rose 2.9% in September, with the yield on the AAA Eurozone 15+ Year Index falling to -0.20% by month-end. The Euro Broad Sovereign 10+ Year Index rose by 3.1% with its yield falling to 0.42%. Eurozone bond yields fell early in the month after a disappointing survey for the large services industry in the region. Volatile equity markets and muted economic data kept yields low for the remainder of the month.
Sample DC Schemes
Our sample Higher Risk DC Strategy fell in September with most growth assets down.