Market Comment: Following a 3 day weekend, Japanese stocks were strong out of the gates as they played catch up with their global peers and the country seemed to be gaining control of the nuclear crisis. …
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This publication is for professional clients and financial advisers in Continental Europe only. It is not intended for and should not be distributed to, or relied upon, by the public. All opinions and forecasts expressed are those of the authors as of 22/03/2011 and are subject to change without notice.
While high beta plays led the market higher, further radiation fears (smoke from reactors No.2 & No.3) and some early yen strength capped any further gains and kept the Nikkei 225 trading in a tight range for the rest of the morning.
However, the trend that we saw everyday last week made a re-appearance today and saw the Nikkei 225 close just off its highs. Whether it was year-end window dressing or government buying where the BoJ confirmed that it purchased JPY51bn ETFs and JPY5.7bn J-REITs last week, the Nikkei 225 has now rallied almost 17% from its March 15 low and we are just 6.8% off pre-quake levels.
As flows begin to consolidate, containment of the nuclear crisis will remain the focus for investors regardless of whether or not the coordinated FX intervention can fight off yen strength.
Value Strategy
According to our research, the earthquake had no direct serious impact on our company holdings to date. Only a few companies suffered but mostly limited. However, electricity power blackouts which may lead to bottlenecks in the supply chain will matter. We will further scrutinise the seriousness and make an investment decision.
Advantage Strategy
Regarding Advantage strategy, we are not making material changes to the portfolio. While the situation from the quake has not deteriorated very much over the long weekend and the stock price is sharply recovering in Japan today, we will of course continue to watch the impact from the incidents and will scrutinise the portfolio positioning. Meanwhile we maintain our conviction in our current holdings from a long term perspective.
Small/Mid Growth Strategy
As for Japan Small/Mid Cap Market, we think that the technical rebound after the sharp fall is likely to enter the final stage and that lower volatility can be expected because the JADE Index has already recovered 60% of the decline. We are increasing stocks such as internet and electronics/machinery with a strong growth diver in our portfolio.
Important Information
This publication is for professional clients and financial advisers in Continental Europe only. It is not intended for and should not be distributed to, or relied upon, by the public.
All opinions and forecasts expressed are those of the author(s) and are subject to change without notice. Data as at 15/03/2011, unless otherwise stated. This document does not form part of any prospectus. This document contains general information only and does not take into account individual objectives, taxation position or financial needs. Nor does this constitute a recommendation of the suitability of any investment strategy for a particular investor. Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. There is potential for increased volatility in emerging stock markets, and only a modest proportion of investable wealth should be invested in them. Past performance is not an indication of future performance provides no guarantee for the future and is not constant over time. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Investing in funds focused on specific themes, particular areas of the market or small capitalisation companies may increase the risk associated with them due to the volatility and/or the concentrated nature of these investments. Investors should read the fund simplified and full prospectuses for specific risk factors and further information. This document is by way of information only. It is not intended to provide specific investment advice including, without limitation, investment, financial, legal, accounting or tax advice, or to make any recommendations about the suitability of the fund(s) for the circumstances of any particular investor. You should take appropriate advice as to any securities, taxation or other legislation affecting you personally prior to investment. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. www.invescoeurope.com This document is issued in: Austria by Invesco Asset Management Österreich GmbH, Rotenturmstrasse 16-18, A-1010 Wien. France by Invesco Asset Management S.A., 18, rue de Londres, F-75009 Paris, which is authorised and regulated by the Autorité des marchés financiers in France. Germany by Invesco Asset Management GmbH, An der Welle 5, 60322 Frankfurt am Main, which is authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht in Germany. Switzerland by Invesco Asset Management (Schweiz) AG, Stockerstrasse 14, CH-8002 Zürich.
Fonte: ETFWorld -Invesco
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