Investment Management

Asset Allocation Views

12/04/2017

Voya Multi-Asset Perspectives - Bullish Forces Still Driving Markets

By Barbara Reinhard, CFA, Head of Asset Allocation

We think consensus expectations for 10% global earnings growth are achievable in 2018, but expect a change in equity and bond volatility profiles. Equities may grind higher, but the grind will be punctuated with one or two pullbacks. We remain constructive on emerging markets and Japanese equities.

11/08/2017

Voya Multi-Asset Perspectives - Watching the Central Banks

By Barbara Reinhard, CFA, Head of Asset Allocation

We think policy will drive markets going forward, and focus on assets that are geared to growth. Global equities look most attractive under current conditions. We maintain our emerging market and U.S. small-cap positions, and continue to rotate our equity position toward Japan.

10/06/2017

Voya Multi-Asset Perspectives - October 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

For the rest of the year we expect equities to outperform fixed income. We believe stocks can gain on expectations of high, single-digit earnings growth for the next 12 months, as well as a plausible chance of tax cuts from Washington.

09/08/2017

Voya Multi-Asset Perspectives - September 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

The confluence of upbeat economic conditions, a weak U.S. dollar, low interest rates and solid earnings growth favors emerging market equities and U.S. large cap stocks. We are generally underweight fixed income but still find U.S. bank loans attractive.

07/31/2017

Voya Multi-Asset Perspectives - August 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

On the back of strong equity returns in 2017, we are entering the weakest two months of the year — August and September — without signs of a major market top. The pace of gains may slow as the year progresses, but we expect emerging markets to sustain their leadership.

07/12/2017

Voya Multi-Asset Perspectives - July 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

Corporate earnings, financial conditions and benign inflation imply that the U.S. is squarely late cycle with the rest of the world further behind. This is not necessarily bad for equities, especially since monetary policy is being renormalized from an extremely accommodative stance.

06/06/2017

Voya Multi-Asset Perspectives - June 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

Equity markets seem well supported but not fully positioned. Surprisingly, bonds are still accumulating more flows than equities. Low volatility may persist far longer than expected. We believe equities can hold onto their gains and bond markets may face marginally higher yields later this year.

05/03/2017

Voya Multi-Asset Perspectives - May 2017

By Barbara Reinhard, CFA, Head of Asset Allocation

Broad earnings strength in the United States, Europe and emerging markets bolsters our continuing bias toward risk assets. We believe U.S. Treasury bonds are not likely to produce much beyond their coupon rate for this year.

04/04/2017

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.

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