Our preferences

This month we close our overweight to emerging market (EM) equities vs. US government bonds. We remain overweight to global equities, and keep our overweight to US large-cap value vs. growth stocks.

Within ­fixed income we trim our overweight to EM hard-currency fixed income, and remain overweight US 10-year Treasury bonds.

+ 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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