Recently, with the launch of the vaccine, the global economic recovery exceeded expectations, and the US Congress pushed forward the $1.9 trillion fiscal stimulus package, pushing up market inflation expectations. At one point, the yield on US 10-year Treasuries rose to 1.6 per cent. In the early period, some assets in the market have a high valuation premium and are more sensitive to marginal changes in market liquidity, triggering global market turmoil under the stimulation of rising expectations of inflation and monetary policy tightening.

In view of the current market situation, we have gathered the views and views of the top asset management agencies in the industry on the future, and share them with investors:

Blackrock: increase the allocation proportion of cyclical stocks

Vaccination and increased fiscal spending will help accelerate the restart of the global economy, as evidenced by the current rise in real interest rates, which also supports our view of increasing the overall tactical allocation of weekly stocks. We have recently begun to increase our holdings in UK stocks and raise our view on European stocks to neutral.

The short-term response to interest rates is less than before, and the monetary authorities will curb the surge in real interest rates, so the rise in nominal interest rates is not enough to cause concern. The recent rise in real interest rates reflects expectations of economic recovery and supports our view that we have recently increased the allocation of cyclical stocks.

Blackrock World Science and Technology (USD) (LU0056508442.HK) $

$Blackrock UK (USD) (LU0171293334.HK) $

Franklin: American high-yield assets are still attractive

The vaccine injects a boost to the recovery and the global economy is expected to rebound. A strong economic rebound and a fairly loose monetary policy with the Federal Reserve should have an appropriate reflation shock. Based on a more optimistic view of the US economic recovery, the investment team believes that US high-yield assets are still attractive, although their valuations are not cheap. At the same time, the investment team also believes that gold and other commodity assets are likely to perform well and be more attractive.

Franklin Technology (HK $) (LU0889565833.HK) $

Franklin Technology (USD) (LU0109392836.HK) $

Hui Tianfu (Hong Kong): still optimistic about high-quality assets in the medium to long term

Looking forward to the future of A shares in Hong Kong, although the market may still be volatile in the short term, there will be no sustained significant downside risk. The recent significant correction in the market is mainly an overreaction to inflation and rising interest rates. However, at present, China and the United States have relatively loose financial conditions, social integration and high M2 growth rates; PPI has recently become positive for the first time, inflation is still very moderate, and there is no basis for inflation or deflation in the long run; the economy maintains the recovery, corporate profits are still in the upward channel, and there is no risk of a sustained and substantial decline in the market in the short term.

We are still optimistic about the investment value of high-quality assets in the medium and long term. Fundamentally, the global economy is resonant and the domestic economy is developing with high quality; in terms of liquidity, China's monetary policy "does not take a sharp turn"; therefore, there is little systemic risk in the capital market. Real high-quality assets still have long-term investment value by virtue of their steady profitability, which has been further highlighted with the recent sharp fall in stock prices.

Strategy for enriching China and Hong Kong (HK $) (HK0000130705.HK) $

$China-Hong Kong Strategy (US Dollar) (HK0000316452.HK) $

Wells Fargo Fund: the next three months is a better time to allocate

Fund Manager Zhang Feng:

The core disturbing point now is the rise in interest rates on 10-year US Treasuries, which is due to certain expectations of inflation in the financial markets, and the Fed still insists that the threat of inflation is relatively moderate. Our view is that because the broad direction of the Fed's stimulus does cause some disruption to the market (where it cannot be falsified at the moment). Valuations of growth stocks will be affected by rising interest rates this year, so the rotation of some value stocks will continue in this case.

Wang Menghai, fund manager:

Due to external factors, the valuation of high-quality enterprises has been greatly adjusted, but the profits of enterprises have improved, and it is considered that the next three months is a better time for allocation.

Castrol Fund: the fundamentals of core assets have not been damaged and are still expected to maintain relatively rapid growth in the next few years.

We believe that in the market, there are opportunities for many sectors and individual stocks to benefit from the restart of the global economy. We will look for industries and stocks with reasonable valuations and no shortage of growth catalysts in the market. At the same time, for some growth stocks that can be regarded as core assets, we will absorb dips when their share prices fall back and their valuations return to a more reasonable level. although these growth stocks have recently pulled back due to overvaluations, their fundamentals have not been damaged. it is still expected to maintain relatively high growth in the coming years.

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