Tactical Investment Strategy March 2019

With equities and spread sectors recovering most of what was lost in the fourth quarter, we have become more cautious in our asset allocation positioning and outlook. In equity allocations, this includes more income-oriented exposure, and a further reduction in higher-beta growth sectors in favor of more defensive and value-oriented sectors. We also lowered emerging market exposure due to increasing growth challenges. In fixed income, we continue to hold an overweight in spread sectors, including non-core markets. We have increased duration to hedge some of this risk and have exited our EM debt allocation in favor of higher-quality U.S. credit.

  • DATE: March 11, 2019
  • TYPE: PDF

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