Asset Class Views

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Global Asset Allocation Views 4Q20

Our updated views reflect a moderately greater risk tolerance and a recognition that central banks are “all in.” We are neutral stocks vs. bonds, prefer U.S. equities, overweight investment grade credit and reduce duration to a small underweight.

Global Fixed Income Views 4Q20

After unprecedented global stimulus stabilized economies, what’s next? Many challenges. Still, Above Trend Growth remains our base case at a reduced 60% probability. Our preferences: higher beta U.S. corporates and munis; some local emerging market debt.

Global Equity Views 4Q20

While the opportunity to invest at depressed prices is largely gone, we see a good chance of better relative returns from a wider range of stocks. Look for opportunities outside the usual suspects that have dominated returns for a decade.

Factor Views 3Q20

Factor performance was negative in Q2 as markets went into free fall. Equity factors were mixed while event-driven and macro factors were hit hard. We see a heightened opportunity set following a particularly difficult quarter.

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Global Asset Allocation Views 4Q20

Global Fixed Income Views 4Q20

Global Equity Views 4Q20

Factor Views 3Q20

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