Every month, our Asset Allocation Committee meets to discuss and debate our market outlook. How has our asset allocation changed month-on-month? Here Sebastian Orsi, Senior Research Analyst, presents our views.
It’s only a few weeks since our last Top Down (26 April), so the broad themes running through markets are unchanged: the outlook for a ‘soft landing’ in the US, slowing but still high inflation, and earnings resilience.
There has been relative calm within the US regional banking sector. The Q1 earnings season continued as it began, better than expected. Markets seem relatively sanguine about the potential for an agreement to raise the US debt ceiling, although nothing has been confirmed at the time of writing.
With these tailwinds global equities have generated 3.7% returns in euro terms over the period. Fixed income markets have also generated positive returns, +0.2% for the euro aggregate bond market.
To explore our views, read our latest edition of Top Down.
CLICK HERE TO READ 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, March 2023: What to expect after the failure of Silicon Valley Bank
- Top Down, February 2023: Stronger Growth Data Helps to Dampen Recession Fears
- Top Down, January 2023: A New Year with Familiar Problems
- Top Down, December 2022: A New Year with Familiar Problems
- Top Down, November 2022: About-turn in markets?
- Top Down, October 2022: Bonds look attractive again
- 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?
