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- Strategically neutral equities – More volatility is still our base case. With risk assets sat bang in the middle of our scenario analysis range, our structural directional conviction on equities remains low. Our preferred long-term allocation is neutral.
- Underweight fixed income – We remain underweight EMU bonds given the prospect of ECB monetary policy normalisation.
- Aiming to be tactical – We have adopted an ever more tactical approach, most recently entering a tactical short position in equities into the recent bounce.
- Diversifying – To build robust portfolios, we continue to hold positions and RV trades with asymmetries.