Beneath the Surface

Beneath the Surface

🕔18:49, 7.okt 2019

This quarter’s Outlook is all about how surfaces can hide complexity and opportunity. Record highs and lows in stock indexes and government bond yields inform cautious high-level asset class views. We see opportunities, however, to take advantage of underlying market

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Diversification comes with sustainable rewards

Diversification comes with sustainable rewards

🕔18:36, 7.okt 2019

Persisting trade war threats sent markets on a roller coaster ride in July and August. On top of trade uncertainty, a mixed picture in global macroeconomic data and a prolonged Brexit impasse led to higher volatility on the stock markets.

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Monthly Asset Allocation

Monthly Asset Allocation

🕔18:35, 7.okt 2019

We expect the US Federal Reserve to take a further interest rate cut in September We confirm our defensive positioning with underweight in bonds and overweight in liquidity and gold Relative attractiveness and cautious positioning continue to favor risk taking

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Investment Monthly September 2019

Investment Monthly September 2019

🕔18:33, 7.okt 2019

A surprise escalation of the US-China conflict in early August, and worries that this conflict will damage economic growth, led to a sell-off across risky asset classes in August. Meanwhile, expectations that the Fed will cut rates further supported a

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Allocation Views

Allocation Views

🕔18:30, 7.okt 2019

This question appears to be on the lips of trade negotiators, central bankers, and investors world-wide. The more that people scratch their heads and wonder what happens next, the more likely it is that two things happen: the yield on

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Balancing the risks

Balancing the risks

🕔18:30, 7.okt 2019

Our Global Investment Committee continues to see the current slowdown as a temporary soft spot, but acknowledges rising risks of a deeper downturn. Therefore, we take a balanced, barbell-like view across equities and bonds. We have a preference for credit

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Global Intelligence Our 2H 2019 outlook

Global Intelligence Our 2H 2019 outlook

🕔18:09, 7.okt 2019

Hope and despair continue to struggle for dominance this year. Geopolitical shocks and disappointing macro data are followed by the promise of central bank intervention and improved relations around the world, with investors left wondering where it’s all headed. Our

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Fallen Angels in the US credit market

Fallen Angels in the US credit market

🕔17:59, 7.okt 2019

Characteristics, historical performance and differences between the current credit cycle and earlier regimes  A Fallen Angel (FA) is a corporate, or sovereign, bond downgraded from Investment Grade (IG) (minimum rating of BBB- with S&P, Moody’s or Fitch) to a High

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The Risk of a Global Recession is increasing in 2020

The Risk of a Global Recession is increasing in 2020

🕔14:48, 7.okt 2019

We reduced hedging positions on us equities while remaining hedged globally. Within the equity allocation, we bought highyielding stocks, focusing on defensive sectors. We bought us sovereign bonds against the global backdrop of falling yields. We left positions unhedged in

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Market Perspectives September 2019

Market Perspectives September 2019

🕔13:44, 7.okt 2019

Risk assets sold off in August as yield inversion in the US rates curve raised fears that a recession was near. That said, bull market corrections are common, the largest correction in any year being around 10% since 1988. We

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House View Commitee

House View Commitee

🕔12:38, 7.okt 2019

We remain underweight equities primarily due to large downside risks to earnings; both actual and 2020 estimates We maintain an overweight to Emerging Market Debt on the basis of TINA  

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The Fed and Trade

The Fed and Trade

🕔11:34, 7.okt 2019

During its discussions this month, the investment strategy team spent considerable time debating the outlook for Federal Reserve policy and the path forward for the U.S.- China trade dispute, including its impact on the global growth outlook. Despite the considerable

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Warren Peace

Warren Peace

🕔11:28, 7.okt 2019

Warren Peace Equity markets are still stuck in the Trumpism range we outlined in our last piece as evidence mounts that the trade war is having an adverse impact. Given these rising uncertainties and Senator Warren’s rise in the polls,

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Core Allocations

Core Allocations

🕔10:28, 7.okt 2019

Following the rally throughout June and most of July, we saw the US equity market reverse from all-time highs just as the Federal Reserve cut rates for the first time in a decade. While prices bounced back in early August,

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Investing in a Time of Geopolitical Uncertainty

Investing in a Time of Geopolitical Uncertainty

🕔10:09, 7.okt 2019

As expected, US and ECB communications disappointed markets and the ongoing US-China conflict flared once again in August leading to the return of volatility. Long-dated bond yields and equities fell sharply over the month. Pressure on the global economic outlook

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Global Outlook September 2019 TAA Model Allocation

Global Outlook September 2019 TAA Model Allocation

🕔09:04, 7.okt 2019

The Multi-Asset team’s view on bonds, equities, commercial property and other assets will affect asset allocation over the coming months. When making these asset-allocation decisions, we first consider the outlook for each asset class (e.g. government bonds), followed by views

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Portfolio Construction Solutions Where We Stand: Asset Class Views*

Portfolio Construction Solutions Where We Stand: Asset Class Views*

🕔08:04, 7.okt 2019

Asset Allocation  

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Making the grade: How risky are BBB bonds?

Making the grade: How risky are BBB bonds?

🕔07:46, 7.okt 2019

Economic uncertainty has increased investor focus on the possibility of BBB-rated bonds being downgraded to junk. Investors should weigh this risk with their search for yield. Over the past several months, I have been fielding more questions about the state

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Zoek

Asset Allocation Consensus September

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