![]() |
By John Ventre, Portfolio Manager, Skandia Investment Group During Q3/Q4 of last year, we built up an overweight position in both European equities and European High Yield debt. My view in October was that European equities in particular were trading at post-Lehman type valuations and that while there were certainly risks, the market was priced for a worst case outcome. If bad outcomes are in the price then you have the potential to make a lot of money if it turns out that reality is less bad than expectations. While we had to be patient, the payoff arrived in Q1 of this year as the ECBs LTRO programme shifted the risks in Europe from a potential financial crisis to a possible political crisis. It now seems as though these political risks are rearing their head with Sarkozy struggling to win re-election, the Dutch government in transition, and Merkel facing a tough fight later in the year.
This is giving investors another bite at the cherry. |
|
|
|
Calling all BPA analysts! | ||
North West / hybrid 50/50 - Negotiable |
Principal Actuary - Bermuda | ||
Bermuda - Negotiable |
Financial Planning & Analysis Actuary | ||
London/Hybrid - Negotiable |
Apply Your Doctorate to Technical Pri... | ||
Fully remote / nationwide / hybrid working options all available - Negotiable |
Senior Investment Manager | ||
London / hybrid - Negotiable |
P&C Consultant | ||
London / hybrid 3dpw office-based - Negotiable |
Senior Pricing Actuary | ||
London - £140,000 Per Annum |
Actuarial Pensions Manager | ||
Flex / hybrid 2-3 dpw office-based - Negotiable |
Financial Reporting in beautiful Bermuda | ||
Bermuda - Negotiable |
Principal Risk Analyst - island adven... | ||
Bermuda - Negotiable |
Make a difference within BPA Administ... | ||
North West / hybrid 50/50 - Negotiable |
GI Provisioning in the Public Sector | ||
London or Edinburgh / hybrid 3 dpw office-based - Negotiable |
Associate Actuary - Risk Transfer Con... | ||
Flex / hybrid 50/50 - Negotiable |
Assumptions Actuary | ||
London/Hybrid - Negotiable |
Senior Actuary | ||
London/Hybrid - Negotiable |
Senior Investment Trainee | ||
London or Edinburgh / hybrid 50/50 - Negotiable |
Pensions Manager | ||
Any UK office / hybrid 2 dpw office-based - Negotiable |
Actuarial Reserving Senior Manager | ||
London / hybrid - Negotiable |
Senior Actuarial Consultant – GMPe | ||
Any UK Office location / Hybrid working - Negotiable |
Senior Life Actuarial Consultant | ||
London / hybrid 3 dpw office-based - Negotiable |
Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.