Portfolio / Credit Suisse and UBS in the second half of 2011 selective investments in bonds, equities and currencies

Behind the first half, with encouraging results, and especially not properly volatility in recent weeks has seen a marked increase in the spread of macro data very encouraging in the U.S., new concerns over the debt crisis of the European periphery, notably in Greece ( with a risk of "contagion" that has been splashed upwards spreads on government bonds also Spain and Italy), and because of more restrictive measures enacted by the central bank in China to try to stem rising inflation.
In the world of "post-crisis" nothing is more like 2008-2009 before and, thanks to the need to withdraw the extraordinary measures undertaken in support of the world's leading economies and their banking systems between 2009 and 2010, we have to get used to living a long time with a West that grows patchy (well the United States, Germany well, much less well all the others) and "emerging" markets with strong growth in increasingly exuberant and some tension on prices.
To avoid mistakes better investment then follow the advice of two expert groups such as UBS and Credit Suisse, which these days have been updating their global view, suggesting to be very selective if you want to get some satisfaction from their investments over the next six months. With regard to fixed income investments, in particular, the experts at Credit Suisse expect "moderate returns in 2011, with performance that will probably arise mainly from operations of carry." The suggestion is to focus on "short-term securities / average maturity to limit the interest rate risk," next to "long-term government bonds for yield enhancement."
STRATEGY The "buy and hold" (buy and hold in the portfolio) "may continue to cover selectively lower-rated securities, as a relatively benign scenario default", while investors who look at total return should keep in the portfolio "investment grade "(therefore low risk), although this may also occur at some good" pinch "some issue in a prudent and between high-yield bonds Subordinated Tier-1. With the caveat of adding inflation-indexed bonds "for diversification and a long-term protection of purchasing power."
An approach to "selective" is also advised by UBS, for which it is best to focus on bonds of "countries with low levels of public debt" and continue to stay away from bonds Greek, Portuguese and Irish, that despite the low prices is not reached is still a "safe haven". Many times "quite safe" according to experts are looking at titles of "commodity-producing countries, small and emerging markets", with interesting alternatives posed by non-financial corporate bonds and bonds "high yield" with short maturities .
As for equity markets, seen by many (including Alessandro Fugnoli, Kairos Partners) recovering in the second half of the year and then be promoted, given the still volatile context, the suggestion of the experts of UBS is to select defensive stocks, preferring among these there are the titles with high dividend yield (ie able to pay strong dividends). Some examples for an Italian investor? Titles like Terna, Enel and Eni, as well as A2A, Finmeccanica Atlantia could be for you.
Again, however, the advice is not confined to Western markets and instead look to emerging markets: "China and Taiwan provide a good opportunity for a strategy of" double play ", with upside potential on both the stock market and on that money "experts explain, that even the growing trend of mergers and acquisitions activity will contribute to good performance of the securities of mid-sized companies.
The cash can then be parked in foreign currency, such as watching the Australian dollar, Canadian dollar, Swiss franc, the Swedish krona and Norwegian krone as alternatives to major world currencies, plus another handful of currencies (U.S. dollars in Singapore , Taiwan dollar, Chilean peso and czech crown) that could "be considered by investors deposits of wealth".