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 believe the market has priced in too high a probability of recession. But with volatility elevated and momentum weak, we maintain a neutral equity exposure.
  • Despite a dramatic fall in expectations for 2019 Fed action, we believe there’s room for yields to rise in the short term.
  • Diversification continues to be a stronger theme in 2019. Alternatives can provide a good complement to traditional asset classes in portfolios.

Within equities

within equities


Within fixed income

within fixed income


Within alternatives

within alternatives