“We reduced the underweight position in bonds by increasing exposure to gilts. We maintained a small overweight position in equities and added to positions in global high yield as a lower risk way of getting corporate exposure, as summer months tend to be more volatile.
Recent signs of weaker economic activity in China led us to trim the overweight positions in commodities. We increased exposure to European equities, as the political outlook is more stable and European growth indicators continue to improve. We kept property exposure in line with the benchmark.”
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|Absolute Return Strategies (including cash)|
Directions of arrows show overall change from previous tactical change. For individual portfolio changes, please see factsheets.