Stock market investors are calling time on the idea that the Federal Reserve, and other major central banks, have their back.
With policymakers prioritising the inflation fight and money markets pricing U.S. rates moving above 5% this year, the door on rate cuts soon has been shut.
"We probably are not getting a pivot," said Janus Henderson portfolio manager Robert Schramm-Fuchs. He added that he was buying shares in companies in mature industries left behind by the easy money-enforced tech bubble, such as miners and industrial suppliers. "We're going back to what investing used to be," he said. "It is a good environment for stock-picking."
Neil Birrell, chief investment officer at UK asset manager Premier Miton, said his funds were adding to positions in energy companies and banks, among the clear winners of the last six months.tech and other growth stocks, with rapid growth rates forecast far into the future, as interest rates were slashed to safeguard economies from pandemic-related shutdowns.
A Reuters poll of 300 global asset managers last month showed 70% of those surveyed believed these so-called value stocks
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