New York-based Yeager, who is in New Zealand this week doing a series of presentations for AXA, says that the outlook for the US market is reasonably positive and she is forecasting a soft landing for the economy as growth gradually slow. That means the prospect of further interest rate rises by the Federal Reserve are unlikely.
She says her portfolio is overweight in technology stocks. This position isn't something that has been done at a sectorial level. Rather the portfolio managers take a bottom up stock picking approach as they look for the best growth stocks to invest in.
The end result is that the portfolio is overweight in technology with companies like Intel (US), Cisco (US) and Canon (Japan).
She points out though that while tech is favoured, she is not big on telecom stocks.
The other sector that is in favour with Alliance is finance companies.
She describes this as an unusual position for a growth manager. However there are companies out there which look like they can sustain growth rates of 20% annually.
Alliance's favourite stocks in this area include the likes of Citigroup (US), Morgan Stanley (US) and BNP (Fr). (Alliance is not allowed to invest in its parent company AXA).
Alliance manages the AXA Global Equity Trust that was launched a year ago. In its first year the fund has returned 27.7% net against 23.6% for the benchmark MSCI index.
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