Short-term tactical outlook

A snapshot of current views on equity, fixed-income and alternative asset classes — updated monthly to help you tactically adjust for opportunities and risks.

Overall positions

overall positions

Key Takeaways
  • We continue to see strong equity momentum and relatively low volatility. We have upgraded our view on emerging markets. However, there’s still a threat of renewed trade tension, particularly as we head into an election year, which tempers this view.
  • Treasuries no longer appear to have a clear trend in either direction. We saw a steady rise in yields until the fourth quarter of 2018, followed by a sharp pullback going into the summer of 2019. We’re back to a world of rangebound yields relative to current levels, and neutral policy-level allocations to duration are appropriate.
  • Non-directional strategies — such as absolute return — present compelling opportunities. We also believe commodities will do relatively well based on idiosyncratic risks for commodity markets that are asymmetrically tilted to the upside.

Within equities


Within fixed income


Within alternatives

within alternatives