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J.P.Morgan - Quarterly Perspectives Europe Q4 2014

Fund Manager Updates

Searching far and wide for income

 Traditional sources of income are struggling against inflation

  •  Six years of extraordinarily loose monetary policy and weak economic conditions have helped push the real yield on core government bonds to record lows in almost all of the major developed markets. In such a low yielding environment, investors must look elsewhere to achieve a reasonable flow of income.
  • The bottom right-hand chart shows how investors are struggling to earn significant real income from many sources previously considered to be a reliable source of returns.
  • One message of the chart is that investors should look to sources such as real estate investment trusts (REITs) and higher yielding fixed income sectors for real yields.

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