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.
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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.