Ameri\u010dt\u00ed institucion\u00e1ln\u00ed investo\u0159i ve velk\u00e9m p\u0159eskupuj\u00ed sv\u00e1 portfolia a\u00a0\u010d\u00e1ste\u010dn\u011b se odkl\u00e1n\u011bj\u00ed od dom\u00e1c\u00edch aktiv sm\u011brem k\u00a0Evrop\u011b. Vypl\u00fdv\u00e1 to z\u00a0anal\u00fdzy portfoli\u00ed, kter\u00e1 musej\u00ed pravideln\u011b zve\u0159ej\u0148ovat u\u00a0U.S.\u00a0Securities and Exchange Commission.<\/p>\n
Bezprost\u0159edn\u00edm v\u00fdsledkem je vy\u0161\u0161\u00ed zastoupen\u00ed evropsk\u00fdch akci\u00ed v\u00a0portfoli\u00edch. Pod\u00edl investor\u016f, kte\u0159\u00ed dr\u017e\u00ed tituly z\u00a0indexu Euro Stoxx nebo alespo\u0148 jednu akcii z\u00a0DAX, se bl\u00ed\u017e\u00ed historick\u00fdm maxim\u016fm. N\u011bmeck\u00e9 akcie ale i\u00a0nad\u00e1le tvo\u0159\u00ed m\u00e9n\u011b ne\u017e jedno procento celkov\u00fdch aktiv t\u011bchto investor\u016f.<\/p>\n
Evropa t\u011b\u017e\u00ed z\u00a0odlivu kapit\u00e1lu z\u00a0USA<\/p>\n
Za zm\u011bnou stoj\u00ed kombinace politick\u00fdch a\u00a0makroekonomick\u00fdch faktor\u016f. Politika prezidenta Donald Trump, obchodn\u00ed nap\u011bt\u00ed i\u00a0p\u0159etrv\u00e1vaj\u00edc\u00ed inflace vedou investory k\u00a0diverzifikaci mimo USA. \u201eTo nen\u00ed b\u011b\u017en\u00fd v\u00fdvoj, nevid\u00edme to ka\u017ed\u00fdch p\u00e1r let,\u201c \u0159\u00edk\u00e1 Thomas Kruse z\u00a0Amundi.<\/p>\n
Podle n\u011bj investo\u0159i s\u00e1zej\u00ed na to, \u017ee vy\u0161\u0161\u00ed ochota evropsk\u00fdch vl\u00e1d zadlu\u017eovat se podpo\u0159\u00ed r\u016fst. Evropa se tak podle jeho slov dost\u00e1v\u00e1 z\u00a0hospod\u00e1\u0159sk\u00e9ho dna, i\u00a0kdy\u017e dynamika z\u016fstane slab\u0161\u00ed ne\u017e v\u00a0USA. Vedle Evropy profituj\u00ed i\u00a0trhy jako \u010c\u00edna nebo Braz\u00edlie.<\/p>\n
V\u00a0r\u00e1mci n\u011bmeck\u00e9ho trhu se pozornost soust\u0159ed\u00ed na n\u011bkolik konkr\u00e9tn\u00edch titul\u016f. Nej\u010dast\u011bji zastoupen\u00e9 v\u00a0portfoli\u00edch jsou SAP, Deutsche Bank, Qiagen a\u00a0Fresenius Medical Care. U\u00a0SAP a\u00a0Deutsche Bank investo\u0159i sv\u00e9 pozice v\u00a0posledn\u00edm \u010dtvrtlet\u00ed d\u00e1le navy\u0161ovali.<\/p>\n
Rotace sektor\u016f: m\u00e9n\u011b software, v\u00edce infrastruktury<\/p>\n
Paraleln\u011b prob\u00edh\u00e1 i\u00a0v\u00fdrazn\u00e1 sektorov\u00e1 rotace. Investo\u0159i p\u0159esouvaj\u00ed kapit\u00e1l od softwarov\u00fdch firem sm\u011brem k\u00a0infrastruktu\u0159e, zejm\u00e9na v\u00a0souvislosti s\u00a0rozvojem um\u011bl\u00e9 inteligence. \u201eU\u017e nejsme ve f\u00e1zi v\u00fdvoje AI, ale jej\u00edho praktick\u00e9ho vyu\u017eit\u00ed,\u201c popisuje Kruse.<\/p>\n
To znamen\u00e1 vy\u0161\u0161\u00ed investice do datov\u00fdch center a\u00a0energetick\u00e9 infrastruktury. Z\u00e1rove\u0148 roste obava, \u017ee AI sn\u00ed\u017e\u00ed bari\u00e9ry vstupu do softwarov\u00e9ho byznysu a\u00a0zv\u00fd\u0161\u00ed konkurenci. Firmy jako Salesforce nebo ServiceNow by tak mohly \u010delit tlaku levn\u011bj\u0161\u00edch rival\u016f.<\/p>\n
Technologick\u00fd sektor proto po letech dominance \u010d\u00e1ste\u010dn\u011b ztratil v\u00e1hu, i\u00a0kdy\u017e z\u016fst\u00e1v\u00e1 nejv\u011bt\u0161\u00edm segmentem portfoli\u00ed. Pos\u00edlily naopak investice do realit a\u00a0farmacie. Mezi technologick\u00fdmi firmami si pozice udr\u017eely nebo pos\u00edlily Alphabet, Amazon a\u00a0Tesla, zat\u00edmco Microsoft zaznamenal pokles z\u00e1jmu.<\/p>\n
Slab\u0161\u00ed dolar jako dal\u0161\u00ed motiv<\/p>\n
Dal\u0161\u00edm faktorem p\u0159esunu kapit\u00e1lu je o\u010dek\u00e1van\u00e9 oslabov\u00e1n\u00ed americk\u00e9ho dolaru. Podle Kruseho jde o\u00a0trend, kter\u00fd nezm\u011bnil ani ned\u00e1vn\u00fd konflikt s\u00a0\u00cdr\u00e1nem, jen\u017e vedl pouze k\u00a0kr\u00e1tkodob\u00e9mu pos\u00edlen\u00ed m\u011bny.<\/p>\n
Podobn\u011b uva\u017euje i\u00a0Tilmann Galler z\u00a0J.P.\u00a0Morgan Asset Management. Ten odhaduje, \u017ee v\u00a0horizontu deseti let by dolar mohl oslabit v\u016f\u010di euru zhruba o\u00a0desetinu.<\/p>\n
Historick\u00e1 data p\u0159itom ukazuj\u00ed, \u017ee v\u00a0prost\u0159ed\u00ed slab\u0161\u00edho dolaru maj\u00ed evropsk\u00e9 akcie tendenci p\u0159ekon\u00e1vat americk\u00e9. Otev\u0159enou ot\u00e1zkou z\u016fst\u00e1v\u00e1, zda sou\u010dasn\u00fd p\u0159esun kapit\u00e1lu p\u0159edstavuje dlouhodob\u00fd trend, nebo jen reakci na aktu\u00e1ln\u00ed kombinaci politick\u00fdch a\u00a0m\u011bnov\u00fdch faktor\u016f.<\/p>\n","protected":false},"excerpt":{"rendered":"Ameri\u010dt\u00ed institucion\u00e1ln\u00ed investo\u0159i ve velk\u00e9m p\u0159eskupuj\u00ed sv\u00e1 portfolia a\u00a0\u010d\u00e1ste\u010dn\u011b se odkl\u00e1n\u011bj\u00ed od dom\u00e1c\u00edch aktiv sm\u011brem k\u00a0Evrop\u011b. Vypl\u00fdv\u00e1 to…\n","protected":false},"author":2,"featured_media":49074,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[109,108,106,883,4130],"class_list":{"0":"post-49073","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-evropa","8":"tag-europa","9":"tag-europe","10":"tag-evropa","11":"tag-finance","12":"tag-trhy"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116369467822762582","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/49073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=49073"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/49073\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/49074"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=49073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=49073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=49073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}