Piper favours Japan, technology and healthcare

ASSET ALLOCATION

The unconstrained style of multi-manager investing we manage allows us to capture the upside of short and longer term investment themes, while taking an opportunistic view of the market.

As new opportunities present themselves, we can move quickly between strategies allowing us to take advantage of strategic themes. The Japanese market is undeniably cheap on many valuation measures. Given the export-led economy and evidence of a global recovery, we expect the Japanese market to play its usual pro-cyclical role and beat most developed markets into a recovery. Historically, Japanese equities have outperformed global peers during the early stages of a recovery, even though the market has been in a secular downtrend. Additionally, the BoJ is likely to expand its balance shee...