Investor sentiment has returned to normal levels, rebounding from very depressed readings recorded in the last quarter. We think markets were premature to price in a recession, but near term economic activity remains weak. Having bought in market weakness at the end of 2018, we have reduced equity exposure in recent rallies, taking profits, the proceeds were moved into government bonds, commodities and short duration global high yield debt. We would like to see evidence of Chinese stimulus measures and a pause in US rate hikes boosting growth before getting more positive again.
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.
Head of Multi Asset at Royal London Asset Management
Trevor Greetham is a portfolio manager at Royal London Asset Management. Prior to joining Royal London in 2015, Trevor was asset allocation director for Fidelity Worldwide Investment, where he was responsible for implementing tactical investment decisions across a wide range of institutional and retail funds including the Fidelity Multi Asset Strategic Fund.