Asset Class Views

Global Asset Allocation Views 3Q 2023

The economy faces slightly subtrend growth, with risks in both directions. We maintain a duration overweight, upgrade equity to neutral, remain neutral on credit and keep a slight overweight to cash. As stock-bond correlations follow inflation lower we favor selectively adding more risk-on positions.

Global Fixed Income Views 3Q 2023

Recession is still our base case scenario, but we’ve lowered it to 55% while raising the likelihood of Sub Trend Growth to 40%. Our Crisis (5%) and Above Trend Growth (0%) scenarios are unchanged. Our top pick: agency mortgage-backed securities.

Global Equity Views 3Q 2023

Our portfolio managers are modestly positive on markets. Despite high valuations, we think it is too early to take a stance against the AI winners. We prefer quality stocks across sectors, but the most obviously defensive stocks look overpriced.

Factor Views 3Q 2023

Factor performance remained broadly positive despite a quarter of twists and turns. Macro carry factors enjoyed their second best quarter since the global financial crisis. Equity factors, especially value, look well supported by current valuations.

Fund Explorer

Capabilities

Fund Information

Market Insights

Portfolio Insights

Webconferences