BlackRock advocates active management in new economic regime

Posted by Anton Murray Consulting on 13 Mar, 2024

InvestorDaily

The macro can serve as inspiration, rather than constraint, in finding alpha, according to a fund manager. In its latest research paper, global asset manager BlackRock said waiting for the macroeconomic environment to improve may not be a sound strategy for investors, instead, the emphasis should be on neutralising macro exposures or strategically choosing exposures based on high conviction. “We see more scope to outperform the market now than in the less volatile Great Moderation,” the asset manager said in its 2024 Investment Outlook.

The report highlighted the dominance of production constraints and emphasised that central banks are struggling with increasingly challenging trade-offs as they strive to address inflation without compromising economic growth. These factors have contributed to a broader divergence of opinions among market participants, BlackRock said. “For example, analyst estimates of future S&P 500 equity earnings are more dispersed now than before the pandemic, according to LSEG data. They are having a harder time reading the earnings outlook.

The rest of this article can be found at investordaily.com.au.

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