Tactical asset allocation outlook
A snapshot of our current views on equity, fixed-income and alternative asset classes — updated monthly to help you tactically adjust for opportunities and risks.
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Volatility, momentum and valuation indicators are all supporting a neutral position in equities. Within equities we introduced a preference for value overgrowth, which is supported by technical and macroeconomic factors.
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We maintain a neutral position in fixed income, amid increased uncertainty about the future path of interest rates. Correlations between stocks and bonds turned negative, which supports diversification.
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We continue to have a neutral position in alternatives, with an improved outlook for commodities.
