Tactical change – 10 May 2018

What’s changing?

Our Investment Clock remains in its ‘Overheat’ phase, with increased risk of inflation, although the global economy is showing some signs of slowing.

With investor sentiment staying neutral, we have taken further profits on the extra equities purchases made during the market lows and March; we also reduced the overweight allocation to commodities.

Proceeds of these sales were moved into government bonds and cash. Longer term, we remain positive on stocks and are overweight global equities, global high yield bonds and commodities.

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

	Overweight	Neutral	Underweight
Equities
Property
Commodities
High Yield
Gilts
Index Linked
Corporate Bonds
Absolute Return Strategies (including cash)

Directions of arrows show overall change from previous tactical change. For individual portfolio changes, please see factsheets.