“We trimmed the Fund’s position in commodities to neutral, and added to bonds at the margin, with our Investment Clock model moving into its ‘Recovery’ phase, and amid recent signs of weaker economic activity in China, which increases downside risk for commodities. We maintained a small overweight position in equities and have exposure to global high yield bonds as a lower risk way of gaining corporate exposure with some income, as summer months tend to be more volatile. We kept property exposure in line with the benchmark.”
You can access up to date views from Trevor on the market and the movements of the Investment Clock on our Latest Investment Clock updates page.
|Absolute Return Strategies (including cash)|
Directions of arrows show overall change from previous tactical change. For individual portfolio changes, please see factsheets.