Investment strategy: Development of bonds & stocks

Frankfurt The financial markets are demanding a lot from investors in this worst investment year since the financial crisis. The global stock index MSCI World fell by 20 percent, emerging market stocks lost 24 percent. So far, government bonds from the industrialized countries have lost 19 percent, and bonds from companies with poor credit ratings have lost 15 percent.

Many strategists assume that the worst is not over, especially for stocks. “The bottom of the bear market is not yet in sight,” says Saira Malik, chief investment strategist at wealth manager Nuveen. Vincent Mortier, Amundi’s chief investment strategist, agrees that the risks up to the autumn are increasing against the background of a deteriorating economic situation.

The short-term prospects are therefore rather gloomy. On the markets, however, at least a medium-term investment horizon is crucial – strategists agree on that. Against this background, the Handelsblatt takes a look at the new five-year forecast that the Dutch asset manager Robeco has now presented for various asset classes.