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.
Progress has been made in markets with equities up almost 5.0% in euro terms and fixed income market up 0.6%.
Euro area headline and core inflation came in lower than expected with the drop in core inflation driven by falling services inflation. Interest rate expectations have risen in the euro area, with the peak to be in the range of 4.0% to 4.25%.
There was a strong move from equity markets led by a resurgence in IT, in particular any company related to artificial intelligence (AI). As a result, IT was the best performing sector followed by the cyclical sectors.
To explore our views, read our latest edition of Top Down.
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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 this year.
- Top Down, May 2023: Cautious stance still warranted despite calm markets
- Top Down, April 2023: Security returns but earnings flat
- 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?
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