- Our long-term view is largely unchanged, and we continue to believe our more cautious outlook remains rational.
- The excess liquidity that has driven investor behaviour further along the risk spectrum is dwindling
- If the US recovery remains sustainable, we expect the US dollar to continue to strengthen over the next few years
- We have made a slight reduction in our allocation to equities. Within equities, we have reduced our exposure to Asia Pacific and emerging markets, and partially re-allocated this into Japanese equities.
- We have increased our exposure to fixed income, particularly sovereign debt, and to a lesser extent investment grade corporate credit.
- Finally, we have zero-weighted our allocation to commodities.
This article was previously published on Tilney prior to the launch of Evelyn Partners.