Asset Class Views

Global Asset Allocation Views 2Q 2022

As asset markets recalibrate, we expect ongoing volatility and reduce risk levels accordingly. We trim equities to neutral, keep our duration underweight and remain overweight credit. Later in 2022 we see potential for better returns as uncertainty clears.

Global Fixed Income Views 3Q 2022

Sub Trend Growth is now our base case scenario, at 45%. We cut our expectation of Above Trend Growth to 20%, increased Recession to 25% and left Crisis at 10%. Our best idea: high quality, short-duration bonds, in particular short-dated investment grade corporate bonds and securitized credit.

Global Equity Views 2Q 2022

Despite recent weakness in global markets, many of our portfolio managers remain rather cautious about the outlook. Quality and predictability, as well as modest valuations, matter most in this environment.

Factor Views 2Q 2022

Amid tumultuous markets, factors generally had a positive quarter. Equity value, merger arbitrage and commodity factors all fared particularly well. We see an attractive outlook for equity factors, which remain historically cheap.

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