With inflation continuing to rise and global growth cooling, we continue to de-risk our portfolios by reducing exposures to stocks and commodities, moving the latter allocation to an underweight relative to the benchmark.
The proceeds were moved into government bonds, short dated high yield debt and cash.
With no central banks in a hurry to tighten policy, we’d probably buy stocks on weakness, as we expect the business expansion to continue in 2019.
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.