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Changing the investment mix

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Bernard Swords

Chief Investment Officer

Bernard Swords leads Goodbody's investment strategy and asset allocation process. He writes the monthly Top Down investor memo.

Bernard Swords leads Goodbody's investment strategy and asset allocation process. He writes the monthly Top Down investor memo.

20 April 2020

Clarity on the shape of the recovery is beginning to emerge as markets digest the latest earnings reports, news from the energy sector and central bank policy. At Goodbody, we have been bringing down cash levels in portfolios and increasing exposure to fixed income. We also continue to emphasise high-quality equities with good growth stories.

Attractive entry points in credit markets and coordinated central bank action support a move into fixed income
Supply cuts in oil haven't offset the massive fall in demand, making the energy sector a poor risk for now
US results show sector differentiation will be a feature of the recovery

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