Filippo Stefanini comments on Risk-off

Filippo Stefanini is head of Hedge Funds & Product Management at Eurizon Capital SGR, and a member of InvestmentEurope’s Editorial Board.

In January 2016 he commented on the following question:

Q.Have you had to review your fund selection (and/or asset allocation) positions in any particular way in light of the recent risk-off shift in global markets experienced at the start of 2016?

A. The very difficult start of the year on the financial markets has been caused probably by the selloff in the Chinese local market, by the devaluation of the yuan and by a sharp drop in the oil price. Quantitative strategies, volatility target funds, risk parity funds and systematic futures funds are exacerbating the price movements.

This is uncharted territory because it is the first time that one central bank is tightening monetary policy after the end of three QEs. Central banks can restore confidence of investors. Hopefully the Fed will be more gradual in raising rates, the Bank of Japan will do whatever it takes to target inflation and the ECB, at a certain point this year, could start QE2.


Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 17 years he has been based in London writing about funds and investments. From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope. Jonathan was awarded Editor of the Year at the Professional Publishers Association (PPA) Independent Publisher Awards 2017. Shortlisted for the same in 2016, he was also shortlisted in 2017 and 2015 for the broader PPA Awards category Editor of the Year (Business Media).

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