Investment Management

Asset Allocation Views


Voya Multi-Asset Perspectives - April 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

Despite the cooling of U.S. risk assets in March, we continue to believe the stock market has room to run. The economy is strengthening, corporate earnings are growing and investment flows indicate there is ample headroom for rotation back to risk assets.


Voya Multi-Asset Perspectives - March 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

Equity markets posted strong gains in February powered by positive economic surprises, continued reflation and low volatility. We believe solid sales and earnings growth can support lofty equity multiples in the United States, where we remain overweight.


Voya Multi-Asset Perspectives - February 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

Higher earnings, reflation and lower volatility combined to propel risk assets upward in January. Almost a year after the February 2016 lows, U.S. equities have gained more than 25% and 10-year U.S. Treasury yields are 0.75% higher. We see this theme persisting globally, with year-over-year leading indicators at their highest readings in six years.


Voya Multi-Asset Perspectives - January 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

December was another solid month for U.S. equity markets; equities may finally get some traction among investors as coming reflation initiatives take hold. Consumer confidence and wage growth will be key economic indicators to monitor going forward. We continue to find fixed income opportunities in high yield and senior loans.


Voya Multi-Asset Perspectives - December 2016

By Barbara Reinhard, CFA, Head of Asset Allocation

Since election day domestic equity markets have rallied to all-time highs on expectations that President-Elect Trump’s plans will be supportive. We think the rally can run quite a bit longer; only over the past two weeks have we seen meaningful net inflows to equities. Since mid-October, bond yields have climbed unabatedly, mostly wiping out YTD gains for 10-year U.S. Treasuries. In our view, bonds are still expensive but getting more interesting. We believe equities can withstand a 10-year U.S. Treasury yield up to 2.75% before being negatively affected.


Post-Election Wrap Up

By Paul Zemsky , CFA, Chief Investment Officer, Multi-Asset Strategies and Barbara Reinhard, CFA, Head of Asset Allocation

Voya's Multi Asset Strategies and Solutions team breaks down what investors need to know in the immediate aftermath of the 2016 Presidential Election.


Voya Multi-Asset Perspectives - November 2016

By Barbara Reinhard, CFA, Head of Asset Allocation

Economic fundamentals and growth are improving; market sentiment is neutral and the Fed appears tolerant of inflation. We think U.S. corporate profits can post gains for 2017. We are modestly positive on equities, with a focus on the U.S. and emerging markets, and positive on credit.


Voya Multi-Asset Perspectives - October 2016

By Barbara Reinhard, CFA, Head of Asset Allocation

Our view on equities remains positive: while we may see weakness due to election uncertainty, the modest strength of corporate fundamentals and the economy will reward those who stay invested. Cross-currents in the fixed income market will cause spikes and pull-backs on U.S. Treasuries. We think U.S. bond yields can climb modestly from current levels.


Voya Multi-Asset Perspectives

By Barbara Reinhard, CFA, Head of Asset Allocation

For the second half of 2016 we foresee stronger economic growth, easing financial conditions, solid employment trends and improving investor sentiment. Though global equity markets may be in a period of consolidation, we believe a durable rally will follow. Our views lead us to favor U.S. equities, emerging market equities and senior loans.