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Par Michel Aubenas, CFA - Portfolio Manager / Macro Strategist Market Review Outlook, BNP Paribas Asset Management
One month into 2011, we would like to think that things will get easier to grasp and the path to strong returns would look smoother. There is no such thing as an easy year, however, and that is why we will focus on what works best and where conviction levels are more elevated. Economic activity continues to surprise on the upside, so global growth seems engaged into a sustainable expansion thanks to developed countries joining the growth party. The return of animal spirits is a strong positive for strategies going for higher returns, leading pro-growth assets higher. Where does that leave EM fixed income and fixed income overall?...
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