Every month, our Asset Allocation Committee meets to discuss and debate our market outlook. How has our asset allocation changed month-on-month? Here Bernard Swords, Chief Investment Officer, presents our views.
Since the last issue of Top Down, equity markets have recovered some lost ground: in local currency terms world equities returned nearly 5% and in euro terms nearly 6%. The same cannot be said for fixed income markets. Despite the higher geopolitical risk – which is generally a positive for bond markets – the return from the euro aggregate fixed income market was -3.5%.
Against this backdrop, we moved our equity weighting to a neutral position and reduced our underweight position in fixed income markets.
To find out why, read the full Top Down report here.
Previous editions of Top Down
Explore some of our previous editions of Top Down to see how our asset allocation views have changed over the last year.