Die besten inflationsgeschützten Anleihen

Die Fondsmanager der besten inflationsgeschützten Anleihen haben exklusiv 4 Fragen zu ihrer Einschätzung der europäischen Staatsanleihenmärkte, zu Inflation/Deflation, sowie zu Attraktivität der Assetklasse und ihren Gewichtungen beantwortet.

e-fundresearch: "Welche fundamentalen Faktoren sind für Ihre Einschätzung der europäischen Staatsanleihenmärkte derzeit am wichtigsten?"

Mag. Erich Hackl, CFA, Fondsmanager des "PIA – Euro Inflation Linked Bond T" (25.03.2010): "Der wichtigste fundamentale Faktor: Das Angebot an Liquidität durch „unkonventionelle“ Maßnahmen der Zentralbanken - nicht nur in der Eurozone, sondern weltweit - sorgt für eine hohe Nachfrage bei Assets und insbesondere bei Staatsanleihen. Mangels kurzfristiger Inflationsgefahren wird diese Liquidität noch anhalten und nur sehr graduell zurückgehen."

Michiel de Bruin, Fondsmanager des "F&C Euro Inflation Linked Bond I" (24.03.2010): "There are currently two main factors we believe driving the inflation linked debate and bond markets. At one side there is the unemployment situation, currently the high unemployment is expected to put downward pressure on inflation. At the other side there are the effects of robust growth in emerging market countries driving up commodity prices and central banks flooding the market with liquidity both expected to put upward pressure on inflation."

Laurent Gonon, Fondsmanager des "Amundi Funds Euro Inflation Bond C C" (25.03.2010): "Monetary policy remains the most important factors to assess the future direction of yields and shape of the yield curve.
We don’t expect central banks to increase rates before late in the year as growth remain fragile and inflation low. There is also a risk that central banks will delay their first hike in 2011 as austerity measures implemented by governments will weigh on growth. However raising rates too late could open the door for higher inflation.
The level of public deficits and public debt will also translate in more supply on government bonds. Last year, quantitative easing helped absorb easily this supply. We will see how markets react this year. They may ask for higher yields."

Andrew Craig, Senior Fixed Income Investment Specialist "Parvest Euro Inflation Linked C C" (23.03.2010): "Amongst the factors which are currently important are those that always come up when assessing European bond markets, namely:
- the macroeconomic environment, specifically the outlook for growth and inflation. We expect a long period of anemic growth in the Eurozone. We expect disinflation or deflation to constitute more of a threat than inflation.