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Die besten Nordamerika Aktienfonds

Die Fondsmanager der besten Nordamerika Aktienfonds haben exklusiv 6 Fragen zu ihrem Ausblick, den Konjunkturprogrammen, den Gewichtungen in den Fonds, den fundamentalen Faktoren und der Entwicklung der Realwirtschaft beantwortet. Funds | 15.03.2010 04:30 Uhr
e-fundresearch: "Wie ist Ihr aktueller Ausblick für Nordamerika Aktien?" Portfoliomanagement Janus Capital Group, "Janus US Twenty A USD Acc" & "Janus US All Cap Growth A USD Acc" (11.03.2010): "As a bottom up fundamental manager we focus on our individual company research to drive security selection. We do not manage to a top down macro-economic or geographic view. That said, as we research companies around the world, we believe many of the best opportunities in the developed world are global businesses where revenues and profits are not dependant on home country economic growth." Eric McLaughlin, Senior Investment Specialist, U.S. Equities, "Fortis L Equity Growth USA Cap" (11.03.2010): "In our view, a gradually improving global economy, coupled with the likelihood of some interest rate increases, should create an environment where equities and selected credit-sensitive fixed income securities outperform Treasuries and cash. For that to occur, necessary lynchpins would include healthy corporate profit growth, a peaking of US unemployment and a successful monetary management by central bankers. Economic growth in the United States and the rest of the developed world is likely to be above trend, but well below the typical recovery after a recession. We expect cyclical improvement to lead to a resumption of modest employment increases, but that a stubbornly high unemployment rate will persist. We hope and believe that inflation remains only a topic of discussion, rather than an economic reality.
We believe there is little room for P/E multiple improvement, and that stocks will require earnings growth to move forward. Therefore, a focus on quality is in order, as we expect to see more balanced performance between cyclical, defensive and growth sectors. Our belief is that the United States will perform at least as well as other developed markets given the likelihood of stronger economic and earnings growth. We expect that a paucity of growth coupled with strong balance sheets and free cash flow will accelerate M&A activity.
On balance, we do not believe these downside risks should prompt investors to move away from higher-risk assets, but we do believe that selectivity is growing more important, as not all areas of the market and not all companies will be well positioned in the months ahead.  There will be more of opportunities at the specific stock level. That´s something we certainly look forward to."

Joshua Chisari, Senior Capability Strategist "UBS (Lux) Eq S - USA Growth (USD) P-acc" (11.03.2010): "Generally positive.  While there is a not insignificant macro overhang on the market at the moment we find that the market is fundamentally healthy and that there are a good number of very attractively valued opportunities."



e-fundresearch: "Wie wirken sich die geplanten Konjunktur- und Hilfsprogramme auf Nordamerika Aktien aus?"

Portfoliomanagement Janus Capital Group, "Janus US Twenty A USD Acc" & "Janus US All Cap Growth A USD Acc" (11.03.2010): "The potential for government involvementacross sectors and in the market overall adds an additional degree of uncertainty to the outlook for equities. For us, this means we factor in a wider range of potential outcomes for the businesses we research."

Eric McLaughlin, Senior Investment Specialist, U.S. Equities, "Fortis L Equity Growth USA Cap" (11.03.2010): "The recovery in the economy and stock market over the past twelve months has been aided by unprecedented economic stimulus by the global central banks and coordinated efforts by government. 
Beyond the extension of the homebuyer tax credit (and other tax relief measures), the Congress has passed and the president has signed a four-month extension of unemployment benefits, as well as more aid to states, and more infrastructure spending.
But even with these likely measures, the boost from fiscal policy to real GDP growth is likely to decline in the first half and vanish in the second half of 2010.  This is because it is the change in spending and taxes that governs the impact of fiscal policy on real GDP growth.  Even with the latest round of packages—worth about $200bn altogether—the change will not be nearly as positive as it was in the wake of the $787bn package enacted almost a year ago. 
However, there is at least one major area of the economy that is far from recovered – the job market.  Labour market conditions have led the Obama administration to push job creation to the top of its political agenda for 2010. The U.S. Senate is also working on a jobs package, which is expected to offer, among other things, tax credits to small businesses for hiring workers.
Going forward, we believe that companies are poised to begin hiring as they work to keep pace with rising demand. Typically, employment rises after big gains in productivity, which is common at the end of recessions and the beginning of recoveries. In the fourth quarter we continued to see a surge in productivity as companies squeezed more out of remaining workers to boost earnings."

Joshua Chisari, Senior Capability Strategist "UBS (Lux) Eq S - USA Growth (USD) P-acc" (11.03.2010): "The unprecedented stimulus has already, and will continue to, had a very positive impact on the economy and as an extension the market. The key to watch will be how stimulus is extended and as certain plans roll off, in particular the portfolio of bad MBS that the government has amassed,  how the unwinding is handled."

e-fundresearch: "Welche Über- und Untergewichtungen haben Sie derzeit in Nordamerika Aktien umgesetzt?"

Portfoliomanagement Janus Capital Group, "Janus US Twenty A USD Acc" & "Janus US All Cap Growth A USD Acc" (11.03.2010): "Over- or underweight positions are a residual of our bottom up stock selection approach. We have multiple US-focused strategies with each oneuniquely positioned based on the portfolio manager´s or portfolio management team´s individual holdings."

Eric McLaughlin, Senior Investment Specialist, U.S. Equities, "Fortis L Equity Growth USA Cap" (11.03.2010): "Our portfolio is designed to be well diversified and neutral versus the Russell 1000 Growth Index at the sector and industry group level.  Rather than have our portfolio managers and analysts spend their time making top-down decisions, they spend all their time analysing companies so they can build the portfolio with their highest conviction stock ideas.  We don’t have over and under weight positions from an allocation perspective, but we do at the stock level, where we implement our high conviction ideas."

Joshua Chisari, Senior Capability Strategist "UBS (Lux) Eq S - USA Growth (USD) P-acc" (11.03.2010): "We are currently finding the greatest opportunities in the Health Care and Consumer Discretionary spaces where valuations don´t come close to fairly reflecting the potential for the future growth of these companies. On the other end of the spectrum we are underweight Consumer Staples where, because of their defensive nature and the market environment of the last few years, we are not finding the same valuation opportunities."

e-fundresearch: "Welche fundamentalen Faktoren sind derzeit bei Nordamerika Aktien am wichtigsten?"

Portfoliomanagement Janus Capital Group, "Janus US Twenty A USD Acc" & "Janus US All Cap Growth A USD Acc" (11.03.2010): "We continue to believe that a company´s ability to generate an economic profit marginis critical to long term performance (this is for US ACG growth only)."

Eric McLaughlin, Senior Investment Specialist, U.S. Equities, "Fortis L Equity Growth USA Cap" (11.03.2010): "In general, we are looking for companies that are reasonably priced where management are taking actions that should benefit shareholders. We don’t currently view the market as cheap or expensive, but as the economy starts to recover, we feel that companies that can provide growth will provide the greatest returns to investors. That means finding not just earnings growth, but quality growth. To us, quality comes down to the sustainability – of revenue growth, returns on capital, margins, and competitive advantages. We believe that companies that have these attributes will prove beneficial to investors in most market environments, including the current one."

Joshua Chisari, Senior Capability Strategist "UBS (Lux) Eq S - USA Growth (USD) P-acc" (11.03.2010): "Bottom line has been strong over the last year due to unprecedented cost cutting undertaken by corporate America. We are watching top line trends very carefully to ensure that the operational leverage enjoyed by companies today translates into top line growth through effective management and execution."

e-fundresearch: "Wie schätzen Sie die Entwicklung der Realwirtschaft in den nächsten 6-12 Monaten ein?"

Portfoliomanagement Janus Capital Group, "Janus US Twenty A USD Acc" & "Janus US All Cap Growth A USD Acc" (11.03.2010): "We do not have a macro view but we are assessing our individual companies based on a range of potential outcomes including a best case, a base case, and a worst case scenario. We probability weight the outcomes to determine what we believe to be an accurate estimate of true value for a company."

Eric McLaughlin, Senior Investment Specialist, U.S. Equities, "Fortis L Equity Growth USA Cap" (11.03.2010): "The Q4 earnings releases we have just about finished have helped confirm that the economy is on the mend. For the most part, earnings continued to beat expectations and management teams offered cautious guidance that the worst is behind us. Of course, the improvement in earnings is hardly uniform. One emerging trend is a broadening gap between the so-called real economy and the banking sector. Even as industrial production numbers start to look better and consumer spending inches up, many banks are still struggling under the weight of underperforming loan books and uncertainty.  One of the open questions of this recovery is if the real economy can thrive despite a weakened banking sector.
We expect the recovery to develop unevenly, as pockets of strength – technology, energy and health care – return to above normal growth, while the industrial economy takes a slower path to recovery."

Joshua Chisari, Senior Capability Strategist "UBS (Lux) Eq S - USA Growth (USD) P-acc" (11.03.2010): "Leading Indicators point to a robust economic recovery. While we are not exceptionally bullish, we do believe that the table has been set for a moderate to above average recovery. That said, there are a lot of mistakes that could be made that would derail a rebound so we will very carefully monitor the progress made on the road to recovery and manage our portfolio accordingly."

e-fundresearch: "Rechnen Sie in 6-12 Monaten eher mit Inflation oder mit Deflation?"

Portfoliomanagement Janus Capital Group, "Janus US Twenty A USD Acc" & "Janus US All Cap Growth A USD Acc" (11.03.2010): "We don´t have one view for this so we should decline to answer."

Eric McLaughlin, Senior Investment Specialist, U.S. Equities, "Fortis L Equity Growth USA Cap" (11.03.2010): "It is our view that we will continue to experience very low inflation over the coming months and that deflation is a more likely scenario – although still unlikely. With U.S. households still paying down debt and increasing savings, coupled with stubbornly high unemployment, it’s had to see where significant inflation could develop. Many people are seeing a lower net income in 2010 than in 2009 despite low inflation."

Joshua Chisari, Senior Capability Strategist "UBS (Lux) Eq S - USA Growth (USD) P-acc" (11.03.2010): "Both scenarios are still possible depending on if and how the US Government plans to further support the economy when the economic stimulus packages lapses and how the FED will be managing the money supply and the interest rates."

Alle Daten per 01.03.2010 in Euro:

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