Multi-Asset Solutions Strategy Report

We review trends across markets and economies, consider what they mean for our multi-asset portfolios and present a positioning update.

Building in blue sky
05-03-2025

How investors should think about geopolitical risk

Geopolitical risk is elevated but far from extreme. Still, political polarization has intensified and creates a more challenging environment. We favor bonds to protect portfolios from growth shocks and real assets to protect from inflationary risks.

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By John Bilton
JB
John BiltonHead of Global Multi-Asset Strategy Multi-Asset Solutions
05-03-2025
Building in blue sky
27-02-2025

“America First”: Coming soon to a stock market near you

This month’s report explains why we’re skeptical of the optimism around European equities, which have priced in good news and ignored geopolitical risks; our portfolios maintain a preference for U.S. and Japanese equities.

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By John Bilton
JB
John BiltonHead of Global Multi-Asset Strategy Multi-Asset Solutions
and Thushka Maharaj
TM
Thushka MaharajGlobal Strategist in Multi-Asset Solutions
27-02-2025
American flag over building
30-01-2025

What have – and haven’t – markets priced in?

This month’s report considers what markets have priced in on the growth and policy fronts. We maintain a pro-risk stance, focusing on U.S. equities and credit.

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By David Lebovitz
DL
David LebovitzGlobal Strategist in Multi-Asset Solutions
and Kennedy Manley
KM
Kennedy ManleyGlobal Strategist in Multi-Asset Solutions
30-01-2025
American flag over building
27-11-2024

Parsing the market impact of the Trump economic agenda

This month’s report examines the Trump economic agenda, focusing on immigration, tariffs, deregulation and fiscal policy. We expect the agenda will be mostly market-friendly, but not without risks.

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By John Bilton
JB
John BiltonHead of Global Multi-Asset Strategy in Multi-Asset Solutions
, David Lebovitz
DL
David LebovitzGlobal Strategist in Multi-Asset Solutions
, and Kennedy Manley
KM
Kennedy ManleyGlobal Strategist in Multi-Asset Solutions
27-11-2024
Bridge in clouds
01-11-2024

The U.S.: An extension of the economic cycle

This month’s report explores economic developments in the U.S. and China that suggest the global expansion likely stays on solid footing, underpinning our preference for U.S. large cap and emerging market (especially Asian) equities and European bonds.

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By Tyler Bircher
TB
Tyler BircherGlobal Strategist in Multi-Asset Solutions
, Preeti Parashar
PP
Preeti ParasharGlobal Strategist in Multi-Asset Solutions
, and 2 others
SS
Sylvia ShengGlobal Strategist in Multi-Asset Solutions
TM
Thushka MaharajGlobal Strategist in Multi-Asset Solutions
01-11-2024
Bridge in clouds
29-08-2024

Cycle extension, not recession

This month’s report explains our view that moderating U.S. economic growth momentum is benign, not a recession precursor. Our portfolios favor U.S. equities and are neutral U.S. duration.

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By Ayesha Khalid
AK
Ayesha KhalidGlobal Strategist in Multi-Asset Solutions
and Sylvia Sheng
SS
Sylvia ShengGlobal Strategist in Multi-Asset Solutions
29-08-2024