Our preferences

We remain overweight to global and EM equities, and keep our overweight to US large cap value, which should benefit from attractive valuations and improving inflation.

Within fixed income, we remain overweight US 10-year Treasury bonds, as well as emerging market hard currency bonds (USD denominated).

+ Overweight

Tactical recommendation to hold more of the asset class than specified in the moderate risk strategic asset allocation.

- Underweight

Tactical recommendation to hold less of the asset class than specified in the moderate risk strategic asset allocation.

= Neutral

Tactical recommendation to hold the asset class in line with its weight in the moderate risk strategic asset allocation.

Note: This is a visual summary representation of our positioning. Please visit the full monthly report for our full detailed asset allocation tables.


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