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