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GLOBAL ASSET ALLOCATION VIEWS 3Q 2018

While global growth remains above trend, it is late cycle. We are modestly pro-risk, but our conviction is a touch lower. We keep a moderate overweight to stocks, but close our duration underweight and remain neutral on credit and cash.


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GLOBAL FIXED INCOME VIEWS 3Q 2018

Our base-case scenario remains Above Trend Growth, amid continuing global economic strength. We remain cautious on U.S. rates, expecting market volatility with transition away from QE. Favored sectors: Short duration securitized credit, leveraged credit.


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GLOBAL EQUITY VIEWS 2Q 2018

While investors have become more nervous, concerned about trade tensions and/or a monetary policy mistake, we see enough profit growth ahead to stay fully invested in equities. Regionally we like emerging markets and, on a sector basis, financials.


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