Here's how investors can position for a potential recession and global banking turmoil, according to UBS Wealth Management's CIO
Investors are wading through murky macroeconomic waters while trying to position their portfolios in the midst of rising recession fears and ongoing banking turmoil.
Confidence in financial markets is fragile, Chief Investment Officer of UBS Global Wealth Management, Mark Haefele says, and volatility is likely to remain high for the foreseeable future. First, investors should keep their long-term financial goals in mind and avoid making rash choices with their money in response to short-term swings.
"Investors holding excess cash should consider opportunities to lock in today's yields within the asset class," he said, adding that the firm prefers government and investment grade bonds, along with emerging market and sustainable bonds. "Within the asset class, we recommend diversifying beyond the US and growth stocks given elevated valuations and rising risks to the US economy," Haefele said."We do, however, expect positive performance from emerging market equities, including China and Asian semiconductor stocks, and select European themes, including German equities."
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