Asset Class Views

Global Asset Allocation Views 1Q 2024

In 2024 we expect moderate growth, cooling inflation and less restrictive policy. We upgrade equities to a modest overweight, maintain a constructive view on duration and continue to find pockets of opportunity across the credit complex.

Global Fixed Income Views 1Q 2024

The Fed’s dovish pivot has tipped the odds away from recession. Sub Trend Growth is now our base case probability at 60%, and we’ve dropped the likelihood of Recession to 30%. We raised the probabilities of Above Trend Growth and Crisis from 0% to 5%.

Global Equity Views 1Q 2024

Overall our portfolio managers take a neutral view on markets. Most expect a broadening of market leadership but still prefer higher quality stocks. Our equity research team sees 10% profit growth in 2024, well balanced across regions and sectors.

Factor Views 1Q 2024

Economic and market regime shifts in Q4 left factors little changed to slightly lower. Performance diverged by market segment and region. Equity factors look well supported; we maintain our positive outlook and expect relative value opportunities in 2024.

Market Insights

Portfolio Insights