A currency crisis in Turkey has rattled global stock markets. Before the selloff, our multi asset funds were already positioned relatively defensively, with the smallest overweight in equities since 2012 and favouring the US over emerging markets.
We continued to reduce exposures to stocks and commodities, bringing the latter allocation into line with the benchmark. The proceeds were moved into government bonds, short dated high yield debt and cash.
We will look to add back to stocks in coming months. We are modestly overweight global equities and short dated global high yield bonds.
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