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EastSpring Asset Management (Thailand) Ltd. (BLJ) issued a portfolio‑allocation note on 30 September 2026 recommending that investors build a balanced October portfolio around three actively managed funds: the EastSpring Global Core Equity Fund (ES‑GCORE), the EastSpring Global Technology Fund (ES‑GTECH) and the EastSpring Global Multi‑Asset Income Fund (ES‑GAINCOME). ### Market backdrop BLJ’s analysis highlighted a “high‑yield” environment for fixed‑income assets and a continued pressure on equity markets from rising interest rates. The MSCI AC World Index fell 1.09 % in September after the U.S. Federal Reserve raised its policy rate by 25 bps to a 3.75‑4.00 % range – the first increase since 2023 – and after the U.S. Consumer Price Index rose 0.4 % month‑on‑month and 3.4 % year‑on‑year. The Bank of Japan lifted its policy rate to 1.25 %, and the 10‑year Japanese yield touched 3.075 %, the highest since 1996. Brent crude oil prices surged above $105 per barrel amid renewed tensions in the Middle East, before easing to $103.50 per barrel by month‑end, a 14 % rise from the start of September. The 10‑year U.S. Treasury yield climbed 54 bps to 5.29 %, the highest level in almost 20 years, pushing the Bloomberg Global Aggregate Bond Index down 2.38 % and gold prices lower by 6.6 %. Equity sectors that benefited from the high‑growth narrative included technology and artificial‑intelligence (AI). The NASDAQ index gained 1.93 %, Taiwan’s market rose 4.09 %, and Japan’s Nikkei 225 climbed 1.22 %. In contrast, the STOXX 600 fell 2.39 %, its first monthly decline in six months. ### October‑specific risks and opportunities BLJ identified three key factors to monitor in October: 1. Federal Reserve meeting (27–28 Oct) – Market participants will gauge whether the Fed, led by Chair Kevin Warsh, will continue tightening or pause to await further inflation data. 2. U.S. Q3 earnings season – FactSet forecasts S&P 500 companies to report a 29.1 % year‑over‑year earnings growth, the third consecutive quarter above 25 %, with forward P/E around 19.2. 3. U.S. mid‑term elections (3 Nov) – The outcome could alter the fiscal outlook for the Trump administration’s tax and spending agenda and affect policy‑dependent sectors. The ongoing U.S.–Iran negotiations and the rebound of Middle‑Eastern oil supply also remain material drivers of commodity prices and inflation. ### Fund recommendations #### EastSpring Global Core Equity Fund (ES‑GCORE) – Underlying strategy – Invests at least 80 % of net asset value (NAV) in the Goldman Sachs Global CORE Equity Portfolio Class I Shares (Acc.). – Investment approach – Uses big‑data analytics (Google searches, Facebook activity, satellite imagery) and machine learning to screen roughly 200–300 global equities. – Risk profile – Aims to reduce concentration risk by avoiding over‑exposure to a handful of large‑cap tech names while maintaining an overweight stance on global equities. – Rationale – In a market where bond yields are rising and sectoral returns diverge, systematic, quantitative selection is seen as a way to capture quality growth while limiting volatility. #### EastSpring Global Technology Fund (ES‑GTECH) – Underlying strategy – Feeder fund to Polar Capital Global Technology Fund, with at least 80 % of NAV invested in global technology companies. – Investment focus – Emphasises AI infrastructure, noting that the four major U.S. tech firms (Apple, Amazon, Alphabet, Microsoft) plan $73 billion in capital expenditures in 2024, a 78 % jump from the previous year. – Growth outlook – Analysts have raised 2024 earnings estimates for global tech stocks by roughly 46 % and noted that forward P/E for the Dow Jones Global Technology index has fallen to about 17.7, below its historical average. – Risk profile – Technology stocks remain sensitive to interest‑rate changes; the fund is positioned as a growth supplement rather than a core holding. #### EastSpring Global Multi‑Asset Income Fund (ES‑GAINCOME) – Underlying strategy – Invests at least 80 % of NAV in Amundi Funds Income Opportunities (Class I2 USD). – Asset mix – Approximately 65 % fixed‑income (government bonds, corporate bonds, derivatives) and 35 % equities, with a flexible allocation that can be adjusted to market conditions. – Income focus – Seeks to capture the highest yield environment, with U.S. 10‑year Treasury yields near 5.3 % – the strongest in nearly 20 years. – Risk profile – The bond‑heavy allocation is intended to dampen equity volatility while providing a steady income stream. ### Executive commentary “EastSpring recommends that investors construct a portfolio that balances global equity exposure with systematic, quality‑focused selection, while also incorporating technology growth and a robust income component,” said Yingsong Jiarawut, Deputy Managing Director of Investment Management at EastSpring Asset Management. “In a period of high bond yields, uncertain monetary policy, and geopolitical tension, a diversified approach that does not rely on a single driver is prudent.” The recommendation reflects Bloomberg coverage of global market conditions as of 30 September 2026. Article source: Manager Online | Image credit: Manager Online
EastSpring Asset Management (Thailand) Ltd. (BLJ) issued a portfolio‑allocation note on 30 September 2026 recommending that investors build a balanced October portfolio around three actively managed funds: the EastSpring Global Core Equity Fund (ES‑GCORE), the EastSpring Global Technology Fund (ES‑GTECH) and the EastSpring Global Multi‑Asset Income Fund (ES‑GAINCOME). ### Market backdrop BLJ’s analysis highlighted a “high‑yield” environment for fixed‑income assets and a continued pressure on equity markets from rising interest rates. The MSCI AC World Index fell 1.09 % in September after the U.S. Federal Reserve raised its policy rate by 25 bps to a 3.75‑4.00 % range – the first increase since 2023 – and after the U.S. Consumer Price Index rose 0.4 % month‑on‑month and 3.4 % year‑on‑year. The Bank of Japan lifted its policy rate to 1.25 %, and the 10‑year Japanese yield touched 3.075 %, the highest since 1996. Brent crude oil prices surged above $105 per barrel amid renewed tensions in the Middle East, before easing to $103.50 per barrel by month‑end, a 14 % rise from the start of September. The 10‑year U.S. Treasury yield climbed 54 bps to 5.29 %, the highest level in almost 20 years, pushing the Bloomberg Global Aggregate Bond Index down 2.38 % and gold prices lower by 6.6 %. Equity sectors that benefited from the high‑growth narrative included technology and artificial‑intelligence (AI). The NASDAQ index gained 1.93 %, Taiwan’s market rose 4.09 %, and Japan’s Nikkei 225 climbed 1.22 %. In contrast, the STOXX 600 fell 2.39 %, its first monthly decline in six months. ### October‑specific risks and opportunities BLJ identified three key factors to monitor in October: 1. Federal Reserve meeting (27–28 Oct) – Market participants will gauge whether the Fed, led by Chair Kevin Warsh, will continue tightening or pause to await further inflation data. 2. U.S. Q3 earnings season – FactSet forecasts S&P 500 companies to report a 29.1 % year‑over‑year earnings growth, the third consecutive quarter above 25 %, with forward P/E around 19.2. 3. U.S. mid‑term elections (3 Nov) – The outcome could alter the fiscal outlook for the Trump administration’s tax and spending agenda and affect policy‑dependent sectors. The ongoing U.S.–Iran negotiations and the rebound of Middle‑Eastern oil supply also remain material drivers of commodity prices and inflation. ### Fund recommendations #### EastSpring Global Core Equity Fund (ES‑GCORE) – Underlying strategy – Invests at least 80 % of net asset value (NAV) in the Goldman Sachs Global CORE Equity Portfolio Class I Shares (Acc.). – Investment approach – Uses big‑data analytics (Google searches, Facebook activity, satellite imagery) and machine learning to screen roughly 200–300 global equities. – Risk profile – Aims to reduce concentration risk by avoiding over‑exposure to a handful of large‑cap tech names while maintaining an overweight stance on global equities. – Rationale – In a market where bond yields are rising and sectoral returns diverge, systematic, quantitative selection is seen as a way to capture quality growth while limiting volatility. #### EastSpring Global Technology Fund (ES‑GTECH) – Underlying strategy – Feeder fund to Polar Capital Global Technology Fund, with at least 80 % of NAV invested in global technology companies. – Investment focus – Emphasises AI infrastructure, noting that the four major U.S. tech firms (Apple, Amazon, Alphabet, Microsoft) plan $73 billion in capital expenditures in 2024, a 78 % jump from the previous year. – Growth outlook – Analysts have raised 2024 earnings estimates for global tech stocks by roughly 46 % and noted that forward P/E for the Dow Jones Global Technology index has fallen to about 17.7, below its historical average. – Risk profile – Technology stocks remain sensitive to interest‑rate changes; the fund is positioned as a growth supplement rather than a core holding. #### EastSpring Global Multi‑Asset Income Fund (ES‑GAINCOME) – Underlying strategy – Invests at least 80 % of NAV in Amundi Funds Income Opportunities (Class I2 USD). – Asset mix – Approximately 65 % fixed‑income (government bonds, corporate bonds, derivatives) and 35 % equities, with a flexible allocation that can be adjusted to market conditions. – Income focus – Seeks to capture the highest yield environment, with U.S. 10‑year Treasury yields near 5.3 % – the strongest in nearly 20 years. – Risk profile – The bond‑heavy allocation is intended to dampen equity volatility while providing a steady income stream. ### Executive commentary “EastSpring recommends that investors construct a portfolio that balances global equity exposure with systematic, quality‑focused selection, while also incorporating technology growth and a robust income component,” said Yingsong Jiarawut, Deputy Managing Director of Investment Management at EastSpring Asset Management. “In a period of high bond yields, uncertain monetary policy, and geopolitical tension, a diversified approach that does not rely on a single driver is prudent.” The recommendation reflects Bloomberg coverage of global market conditions as of 30 September 2026.
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