Tactical change – 22 September 2022
We maintain a reduced tactical exposure to equities, holding an underweight position in the asset class due to our pessimistic macro view. Despite a weaker growth outlook, we have moved to a neutral position on commodities, as geopolitical risk rises in Ukraine.
Furthermore, we maintain a negative position in bonds; inflation is still high and we see the potential for yields to rise further as central banks continue to tighten policy. We maintain an underweight position in commercial property.
Keep up to date with Trevor’s latest views
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.
Latest tactical positions
|High Yield||No change|
|Absolute Return Strategies (including cash)||Increased|
For individual portfolio changes, please see factsheets.