TISCO recommends increasing weight in global bonds, holding energy stocks, reducing growth stocks

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โดย Kaohoon·THUS·Read original
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Nattakrit Laotaweesap, Head of Wealth Advisory at TISCO Bank, or TISCO, disclosed that TISCO Wealth Advisory recommends investors adjust their portfolios through three main approaches: increase weight in global bonds, maintain weight in energy stocks, and reduce weight in growth stocks while buying quality Value stocks, after the yield on 10-year US government bonds rose close to 5%, the highest level in 20 years. Meanwhile, the real yield after deducting inflation expectations stands above 2.6%, the highest level in 18 years. For energy stocks, TISCO Wealth Advisory maintains a positive view because supply-side risks remain high and there is still no permanent solution to the problems in the Middle East. TISCO Economic and Strategic Analysis Center, or TISCO ESU, assesses that energy price risks still tend upward because the market has not fully reflected a prolonged conflict scenario. On the stock market, TISCO recommends reducing weight in Growth stocks with price-to-earnings ratios higher than the market and increasing weight in Value stocks with reasonable valuations. Lessons from the last rising interest rate cycle in 2022 show that the P/E of the MSCI ACWI Growth Index fell about 30% from its peak, while the P/E of the MSCI ACWI Value Index fell about 20%.

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