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 we published the last edition of Top Down, it has been a turbulent time for financial markets – and a particularly difficult time for investors. World equities fell 6% in euro terms, while the euro area bond market returned -4.3%.
There was nowhere to hide. There was a resurgence in inflation in the US and, in the euro area, inflation did not ease. And the consequent increase in interest rate expectations was the primary factor in the weakness of asset markets.
How did this impact our market outlook? And how has our asset allocation change month-on-month?
To find out, read our latest edition of Top Down.
Previous editions of Top Down
Explore some of our previous editions of Top Down to see how our asset allocation views have changed this year.
- Top Down, September 2022: Reducing Consumer Discretionary to Neutral
- Top Down, July 2022: Changing the equity mix
- Top Down, June 2022: Increasing exposure to fixed income again
- Top Down, May 2022: Inflation fears are transitioning to growth fears
- Top Down, April 2022: Repositioning for a maturing cycle
- Top Down, March 2022: What does the crisis in Ukraine mean for asset allocation?
- Top Down, February 2022: What does central banks’ hawkish turn mean for asset allocation?