Die besten globalen Small/MidCap Fonds

Die Fondsmanager der besten Equity Sm&MidCap Aktienfonds haben exklusiv fünf Fragen zu ihrem Makro-Ausblick, den Risiken einer Rezession sowie der Performance und den Gewichtungen ihrer Fonds beantworet.

e-fundresearch: "Wie ist Ihr globaler Makro-Ausblick für die kommenden 12 Monate?"

Nick Hamilton, Head of Global Equity Products, "Invesco Global Small Cap Equity USD A" (29.09.2010): "The divergence of global economies today is dramatic, with relative growth differentials historically wide. We believe that the process of de-leveraging in indebted Western economies will subdue economic growth for a number of years in these economies. Whilst there are risks of a growth recession in specific economies, we believe we will see a continuation of the global economic recovery that is underway."

Reto Schönholzer, Fondsmanager des "Swiss Life Multi Funds (Lux) - Opportunity CHF" (27.09.2010): "We expect the US economy to grow by 2.9% this year and by 2.5% in 2011. The economy in the Euro Area is expected to grow 1.7% through 2010 and 1.5% in 2011, which is slightly more than the consensus forecast.
Inflation rates are expected to gradually pick up in 2011, but annual headline inflation is to remain 2% both in Europe and the US. The core inflation rate in the US is expected to trough at 0.8% by October 2010."

Alexandra Vanhuyse, Fondsmanagerin des "KBC Equity New Shares Acc" (30.09.2010):
o Indicators support basic scenario of below trend recovery in Western world and strong growth in Asia
o Fiscal consolidation puts North & South on different growth track within Eurozone
o Inflation is no issue due to weak labour markets and rising productivity
o Central banks will create favourable environment for fiscal tightening (no hikes within 12m horizon) which will keep bond rates in check
o Hiking cycle has started in Emerging world
o Strongly reduced costs base allows corporate profits to rise strongly (more in the US than in Europe)"

Roland Zauner, Fondsmanager des "KEPLER Small Cap Aktienfonds T" (24.09.2010): "Die Weltwirtschaft ist mittlerweile nicht nur mehr ausschließlich von der Entwicklung in den USA dominiert, sondern Schwellenländer mit hohen BIP-Wachstumsraten wie China oder Brasilien spielen eine immer größere Rolle. Emerging Markets Aktien konnten sich so auch in der letzten Korrekturphase besser entwickeln als Developed Markets Aktien. Bessere Fundamentaldaten (Wirtschaftswachstum, Verschuldungsquoten) und hohe Zuflüsse in diese Assetklasse waren die Gründe dafür.