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- Strategically neutral equities – We still expect weaker (but robust) global growth with risks skewed to the downside. With more volatility becoming the new norm, we remain structurally neutral equities, having closed our tactical overweight recently.
- Underweight fixed income – We are underweight core bonds given our view of gradually rising inflation and monetary policy normalisation.
- Aiming to be tactical – With more volatility on the horizon, we seek to be ever more tactical and reactive around our main structural proposition, deploying our tactical market dynamics tools. After decent widening, we closed our underweight on HY credit in early January.
- Exploiting asymmetries to hedge and diversify – We continue to hold positions with asymmetries to our scenario analysis.