Our Investment Clock remains in the early stages of its ‘Overheat’ phase, with a robust worldwide economic expansion and increased risk of inflation. Following considerable volatility in markets in recent weeks, portfolio activity focused on risk management. We have again increased the allocation to index linked government bonds, bringing this underweight almost in line with the benchmark; this was funded by reducing our overweight holding of equities and from cash. With economies continuing to expand and inflation remaining benign, we are overweight global equities, global high yield bonds and commodities.
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