Seleccione otro país
Bienvenido a Lyxor España
Por favor, lea la información importante aquí incluida antes de continuar a nuestra página web

Información relevante 

Los Lyxor ETFs presentados en la página web de, pueden ser objeto de restricciones en lo que respecta a la inversión por determinadas personas o en determinados países, en virtud de las distintas regulaciones nacionales aplicables a dichas personas o en dichos países. Cualquier persona que acceda a esta página web desde una jurisdicción en la cual se aplican dichas restricciones tiene que informarse al respecto y observar dichas restricciones. Por consiguiente, le corresponde a usted asegurarse de que, efectivamente está autorizado a invertir en los Lyxor ETFs presentados en esta página web. Invirtiendo en estos productos, usted garantiza a Société Générale que está efectivamente autorizado a invertir. Inversores españoles se deben dirigir a

La información contenida en esta página web no constituye una oferta o invitación para adquirir o vender los productos aquí descritos a personas sometidas a  jurisdicciones donde:

(a) dicha oferta o invitación no esté autorizada;
(b) Lyxor Asset Management no esté cualificada para hacer dicha oferta o invitación;
(c)  sea ilícito hacer dicha oferta o invitación.

Los ETFs referidos en esta página web no han estado y no estarán registrados conforme al U.S Securities Act de1933, por lo tanto, no pueden ser ofertados ni vendidos en los EE.UU sin registro previo o solo en caso de excepción de registro conforme al  al Securities Act. Por consiguiente, los ETFs listados en esta página web no pueden ser vendidos a “U.S persons”, ni transferidos a los Estados Unidos a menos que dicha transacción esté sujeta a los requisitos de registro conforme a la ley Americana.

Esta página web es de carácter comercial y no de carácter legal. No se garantiza la exactitud, exhaustividad o pertinencia de la información aunque ha sido establecida a partir de fuentes consideradas como fiables.
La información presentada en esta página web se basa en información de mercado constada en un momento dado que puede variar con posterioridad a su publicación. El valor de reembolso de los Lyxor ETFs puede ser inferior al montante de la inversión inicial. En el peor de los casos, los inversores podrían perder hasta la totalidad de su inversión, por lo que se recomienda a los inversores consultar la sección« factores de riesgo » del folleto del producto. El precio de algunos Lyxor ETFs puede ser sensible a riesgos de tipo de cambio entre la cotización del ETF y/o la divisa del índice y/o la divisa del componente del índice.

Todos los LyxorETFs presentados en esta página web han sido aprobados por la “Autorité des Marchés Financiers (AMF)” y son objeto de un folleto aprobado por la AMF y pasaporteado en la CNMV conforme a la Directiva 2003/71/CE. Dichos folletos están disponibles en esta página Web.

La documentación relativa a los Lyxor ETFs preverá métodos de ajuste y de sustitución para tener en cuenta que consecuencias tendría cualquier suceso extraordinario que afecte a uno o varios de los subyacentes de estos productos.

Antes de invertir en un Lyxor ETF, usted debe hacer su propia valoración del riesgo desde un punto de vista legal, fiscal y  contable, sin depender exclusivamente de la información que le proporcionamos y consultando, si lo estima necesario, sus propios asesores en la materia o cualquier otro asesor independiente.

El inversor de ETFs estará expuesto a los siguientes factores de riesgo: Riesgo de pérdida del capital invertido, al no existir ninguna garantía, como consecuencia de un movimiento desfavorable del Índice de Referencia, Riesgo de que el objetivo de gestión solo se cumpla parcialmente, Riesgo de contrapartida como resultado de la utilización de los instrumentos financieros (OTC) formalizados con un establecimiento de crédito. Se recomienda a los inversores que consulten la sección del folleto antes de invertir.

En la medida en que cumpla con la legislación aplicable, ninguna entidad del Grupo Société Générale acepta responsabilidad alguna por las consecuencias financieras o de cualquier otra naturaleza que resulten de la inversión en este producto.

30 sep 2019

Five ways to position your equity portfolio into year-end

We’re entering the final quarter of 2019 after a bumpy summer of trade disputes and recession fears. How should investors position equity portfolios to see out the year?  

Bond and equity market valuations are sending conflicting signals. The bond market has $16.1trn of negative-yielding debt, which has pushed investors into riskier assets. This looks inconsistent with typical allocation at such an advanced stage of the economic cycle. Either the bond market is overly pessimistic, or equities are too positive. If it’s the latter, any readjustment would likely be painful. Ultimately, a slowdown in activity or mild recession is to be expected after more than a decade of growth.

Looking ahead, political uncertainty will remain a wild card and sentiment will likely be a drag on global equities, particularly as central banks have little room for manoeuvre on rates policy. Selectivity and asset quality will remain key to maintain performance in equity portfolios in the quarter ahead.

With all that in mind, here we share five ways to position your equity portfolio into year-end.  

1. US equities: Likely to stay resilient

We expect US economic growth to bottom out over the next quarter, which should help the Fed anchor market expectations on its future policy actions. The Fed’s current policy on rates is aligned with mid-cycle monetary policy adjustments. More than 75bps of rate cut would be interpreted as policy reaction to counter a recession phase.

The US remains our preferred equity market due to the US economy’s domestic focus. The US stock market also tends to be less volatile than other global regions. The US is a more closed economy and has more headroom for policy support.

We believe the Fed will cut again at the December meeting. Any move by President Trump to offer the US consumer some relief from the US/China trade war would also support the market. New tariffs on Chinese goods in the months ahead could add another 0.2-0.3% to inflation in the short-term. 

2. European equities: Caution advised 

There are three main reasons to be careful on European equities, despite recent signs of stabilisation: lingering risks linked to Brexit, vulnerable consumer confidence and economic growth, and the risk of another escalation of trade tensions, with the potential for US tariffs on European luxury goods.  

In our view, easing financial conditions and fiscal support may not be enough to offset the lack of earnings growth and the slowdown in global trade. We have preference for high quality stocks and volatility reduction strategies. Small caps should also be more sensitive to any deterioration in activity, so we favour large caps.    

3. European sectors: Load up on defensives

With low earnings prospects and heightened geopolitical risks, we maintain our preference for defensive sectors.

We like sectors exhibiting strong balance sheets and better earnings growth potential such as Healthcare, Consumer Staples and Utilities. These sectors would prove more resilient in a slowdown in economic activity. We keep a neutral stance on Financials as, despite its attractive valuations, the sector suffers low rates and weak profitability prospects. While the ECB’s new tiering system on banks deposit will provide some relief, the outlook for banks is more driven by long-term bond yields and the outlook for economic growth.  

Defensive sectors outperform when the economic environment deteriorates

                         Chart 1

Source: Lyxor International Asset Management, Macrobond, data as at 30/08/2019

4. EM equities: Cheaply priced, but be selective

Valuation in emerging markets (EM) equities are attractive compared to developed markets, with the former’s price to book value trading at 35% discount (see chart below). However, the developing world will remain very sensitive to trade war developments and economic growth prospects in China. The tariffs war exacerbates the downside in the Chinese Yuan and spreads to other Asian currencies. This weigh on growth of China’s trading partners too – see our Trade War Impact Indicator for a reminder of the most vulnerable countries. Overall, we expect greater dispersion in returns among EM countries.  A trade truce would offer greater respite to the most affected. We also believe that an allocation to Chinese equities should be managed independently of a broader emerging equities portfolio.  

Emerging markets at discount relative to Developed market equities

chart 2

Source: Lyxor international Asset Management, Refintiv, MSCI, data as at 31/08/2019

5. Indian equities: More upside expected  

India is one of the few bright spots within the developing world. The local equity market relies on internal growth engines and is less dependent on exports than China. While the country still faces many challenges, the government’s latest move to reduce corporate taxes is a bold measure to revive growth. The test in coming months will be to see whether corporates share some of the profitability boost into the economy via greater investment or price cuts on products to stimulate demand. In our view, ongoing policy initiatives and a dovish central bank should provide further upside to Indian equities in a context of attractive valuations. 

Risk Warning

This document is for the exclusive use of investors acting on their own account and categorised either as “Eligible Counterparties” or “Professional Clients” within the meaning of Markets in Financial Instruments Directive 2014/65/EU. These products comply with the UCITS Directive (2009/65/EC). Société Générale and Lyxor International Asset Management (LIAM) recommend that investors read carefully the “investment risks” section of the product’s documentation (prospectus and KIID). The prospectus and KIID are available free of charge on, and upon request to

Except for the United-Kingdom, where this communication is issued in the UK by Lyxor Asset Management UK LLP, which is authorized and regulated by the Financial Conduct Authority in the UK under Registration Number 435658, this communication is issued by Lyxor International Asset Management (LIAM), a French management company authorized by the Autorité des marchés financiers and placed under the regulations of the UCITS (2014/91/EU) and AIFM (2011/61/EU) Directives. Société Générale is a French credit institution (bank) authorised by the Autorité de contrôle prudentiel et de résolution (the French Prudential Control Authority).

The products mentioned are the object of market-making contracts, the purpose of which is to ensure the liquidity of the products on the London Stock Exchange, assuming normal market conditions and normally functioning computer systems. Units of a specific UCITS ETF managed by an asset manager and purchased on the secondary market cannot usually be sold directly back to the asset manager itself. Investors must buy and sell units on a secondary market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may pay more than the current net asset value when buying units and may receive less than the current net asset value when selling them. Updated composition of the product’s investment portfolio is available on In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the product, and might also be mentioned on the websites of the stock exchanges where the product is listed.

Prior to investing in the product, investors should seek independent financial, tax, accounting and legal advice. It is each investor’s responsibility to ascertain that it is authorised to subscribe, or invest into this product. This document is of a commercial nature and not of a regulatory nature. This material is of a commercial nature and not a regulatory nature. This document does not constitute an offer, or an invitation to make an offer, from Société Générale, Lyxor Asset Management (together with its affiliates, Lyxor AM) or any of their respective subsidiaries to purchase or sell the product referred to herein.

Research disclaimer

Lyxor International Asset Management (“LIAM”) or its employees may have or maintain business relationships with companies covered in its research reports. As a result, investors should be aware that LIAM and its employees may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see appendix at the end of this report for the analyst(s) certification(s), important disclosures and disclaimers. Alternatively, visit our global research disclosure website

Conflicts of interest 

This research contains the views, opinions and recommendations of Lyxor International Asset Management (“LIAM”) Cross Asset and ETF research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental Cross Asset and ETF Research opinions and recommendations contained in Cross Asset and ETF Research sector or company research reports and from the views and opinions of other departments of LIAM and its affiliates. Lyxor Cross Asset and ETF research analysts and/or strategists routinely consult with LIAM sales and portfolio management personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of ETFs tracking equity, fixed income and commodity indices. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and reports. Lyxor has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and LIAM’s total revenues including revenues from management fees and investment advisory fees and distribution fees.

Connect with us on linkedin