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GLOBAL ASSET ALLOCATION VIEWS 4Q17

Asset allocation for a world of continued global growth - Amid a synchronized pick-up in global growth and loose financial conditions, we maintain a pro-risk tilt in our asset allocation. Rates are set to rise, but only slowly, so we maintain a small underweight to duration together with a modest overweight to stocks, diversified across regions. We remain neutral on credit.


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Global Fixed Income Views 3Q 2017

Everything’s a proxy for QE - we favor European bank capital (Alternative Tier 1), leveraged loans, U.S. high yield bonds and emerging market local currency bonds.


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GLOBAL EQUITY VIEWS 3Q17

Equity investing:  A time for careful diversification - Strong first quarter earnings results affirm our view of a synchronized global recovery in profitability. We see a supportive environment for equity investing, particularly for emerging market and European equities, where valuations are less stretched.


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