www .zfu.ch

EXPATRIATES
i}>ÊEÊ/>ÝiÃ\
iÀÊ6iÀÌÀ>}ÊqÊÊ
6iÀÌÀ>}ÃÀiV…ÌÊvØÀÊ ˆV…̇ÕÀˆÃÌi˜Ê
£{°ÊqÊ£x°Ê œÛi“LiÀÊÓääÈÊ
Ê
œÌiÊ-ii`>““Ê*>â>
‡nnänÊ*vBvwŽœ˜Ê-<
-ÌiÕiÀœ>Ãi˜Ê՘`Ê"vvŜÀi‡-ÌÀՎÌÕÀi˜ÊÊ
Ê
Ó£°ÊqÊÓÓ°Ê œÛi“LiÀÊÓääÈÊ
Ê
œÌiÊ-ii`>““Ê*>â>
‡nnänÊ*vBvwŽœ˜Ê-<
i…ÀÜiÀÌÃÌiÕiÀ‡-i“ˆ˜>ÀÊ
vØÀÊ؅À՘}ÎÀBvÌiÊ
Óx°ÊqÊÓÈ°Ê"ŽÌœLiÀÊÓääÈÊ
Ê
œÌiÊiÛœˆÀ
‡nnäÎÊ,ØÃV…ˆŽœ˜
6,‡-i“ˆ˜>Ài\
<iÀ̈wâˆiÀÌiÀÊi…À}>˜}Ê
vØÀÊ`i˜Ê6iÀÜ>Ì՘}ÃÀ>ÌÊÊ
££°ÊqÊ£{°Ê"ŽÌœLiÀÊÓääÈÊ
Ê
*>˜œÀ>“>Ê,iÜÀÌÊEÊ-«>
‡nnÎxÊiÕÈÃLiÀ}Ê-<
ˆ˜>˜âi˜ÊEÊ
œ˜ÌÀœˆ˜}\
ˆ˜>˜âi˜ÊEÊ
œ˜ÌÀœˆ˜}ÊvØÀÊÊ
ˆV…̇ˆ˜>˜âv>V…iÕÌiÊ
Ó{°ÊqÊÓÇ°Ê"ŽÌœLiÀÊÓääÈÊ
£{°ÊqÊ£Ç°Ê œÛi“LiÀÊÓääÈÊ
ŸÛi˜«ˆVŽÊœÌiÊ
‡n£äxÊ,i}i˜Ã`œÀv
*iÀߘˆV…ŽiˆÌÃi˜Ì܈VŽÕ˜}\
؅À՘}Ê`iÀÊiˆ}i˜i˜Ê*iÀܘʖ
Àvœ}ÀiˆV…iÀÊ1“}>˜}ʓˆÌÊ-ÌÀiÃÃÊ
£Ó°ÊqÊ£{°Ê"ŽÌœLiÀÊÓääÈÊ
Ê
*>˜œÀ>“>Ê,iÜÀÌÊEÊ-«>
‡nnÎxÊiÕÈÃLiÀ}Ê-<
>V…ˆV…iÊÕÎ՘vÌ\Ê>ÀVÊ>ÕÀiÀ]ʜ“«iÌi˜â‡<i˜ÌÀՓÊi}>ÊEÊ/>ÝiÃÊ
˜“i`՘}i˜Ê՘`Ê>}i“iˆ˜iÊÕÎؘvÌi\ÊÊ
iÌ>ˆˆ˜vœÀ“>̈œ˜i˜ÊâÕÊ`i˜Ê6iÀ>˜ÃÌ>Ì՘}i˜Ê՘ÌiÀ\ÊÊ
ÜÜÜ°âvÕ°V…
6iÀ>˜ÃÌ>Ì՘}Î>i˜`iÀ
/i°Ê³{£Ê{{ÊÇÓÓÊnxÊ{ä
/i°Ê³{£Ê{{ÊÇÓÓÊnxÊnx
ÜÜÜ°âvÕ°V…
<v1ÊNʘÌiÀ˜>̈œ˜>ÊÕȘiÃÃÊ-V…œœ
<i˜ÌÀՓÊvØÀÊ1˜ÌiÀ˜i…“Õ˜}Ãv؅À՘}ÊÊNʓÊ*>ÀŽÊ{ÊNÊ
‡nnääÊ/…>ÜˆÊ
/i°Êʳ{£Ê{{ÊÇÓÓÊnxÊnxÊNÊ>Ýʳ{£Ê{{ÊÇÓÓÊnxÊnÈÊNÊÜÜÜ°âvÕ°V…ÊNʈ˜vœJâvÕ°V…
Expat investors hold their own in good and bad times
According to a new survey by Internaxx Bank, a joint venture
between TD Waterhouse and Fortis Bank in Luxembourg, significant numbers of expat investors claim to have outperformed the market, regardless of stagnation, stability or volatility. 81% now claim to have matched or even outperformed, as did 80% in the strengthening markets of July 2005
and 79% in the poorer environment of November 2004.
Some respondents credited their success to a high exposure to
growth in Eastern European, Middle Eastern and emerging markets. Others noted well managed development in the Gulf and
continued U.S. outsourcing to China and India as engines of
growth. Those based in the Middle East saw reason to feel optimistic about its long-term growth, and Brazil and Russia scored
for their high natural resources economies.
The more highly diversified, the more likely expats are to outperform the market. The most successful expats are invested in
just under three asset types, compared to 2.3 for those who
matched the market and only 1.9 for those who underperformed.
Furthermore 69% of expats claim to be self directed up from 61%
in July 2005.
Expat investors are heavily exposed to equities (66%) and own
a significant part of volatile stocks (22% of their portfolio). Twice
as many expect to increase their exposure to volatile equities than
4 /2006
PRIVATE
they do to blue chips (14% compared to 7%), and those wanting
to increase exposure to volatile equities are evenly spread across
the world, while the vast majority of expats who intend to
increase their exposure to blue chips are in Asia.
China continues to power ahead as the most favourably viewed
country market, with India close behind. Positive sentiment towards China has risen from 38 to 56% in under a year, with India
close behind at 43%, though sentiment towards other Asian countries has dropped from 37 to 26%.
In the same time period, positive sentiment has dropped threefold for the UK from 37 to 12%, halved towards the U.S. (24 to
12%) and dropped from 26 to 22% for the EU. Reasons given include a sense that Europe is stagnating and lacking direction as
well as the feeling that France is politically uncertain and lagging
behind the UK. Ageing population, rigid labour laws and saturated internal markets were all cited.
Among expat investors, energy attracted the highest degree of
positive sentiment (57%), followed by telecoms (49%), consumer
goods (33%), finance (33%), industrial (24%), retail (21%) and
mining (18%). One in three expects to increase his exposure to
property, particularly among those based in the Middle East
(52%) followed by those based in the EU (33%), with those based
in Asia last (24%).
15