“We took advantage of bouts of risk aversion on heightened geopolitical risk surrounding North Korea and extreme weather events in the US to add to the portfolio’s overweight in equities. The portfolio’s commodities exposure was moved to a marginal underweight, reflecting ongoing potential for weaker economic activity in China next year. We slightly decreased the portfolio’s exposure to government bonds given current low bond yields. We maintained the exposure to global high yield bonds as a lower risk way of gaining corporate exposure with some income. Property exposure was kept 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.