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.

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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.