Global equities reached fresh highs in August despite some mixed global economic data, with short term inflation numbers being most challenging for markets. Bond markets, however, continued to believe that inflation was a transitory issue after reassurance from major central banks.
Commodities and stocks remained strong in August as the global economic recovery continued. We maintained our overweight positions in both global high yield bonds and commodities, but marginally increased the modest positive tilt to equities.
The portfolios moved marginally more underweight corporate bonds and increased the underweight in gilts given inflation uncertainty and maintained the slight underweight in commercial property.
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.