China flexes its policy muscles – but can they still do the heavy lifting?

Robeco
By January 13, 2022 15:07

China flexes its policy muscles – but can they still do the heavy lifting?

We made no changes to the portfolio in December. We continue to be procyclically positioned, mainly through carrying a higher weight in equities. Our preference within equities is for developed markets, for which Europe is our favorite region. Within fixed income we continue to hold lower exposure across almost all asset classes in the portfolio, with US government bonds being the least favored. This year our best-performing tactical call was being overweight to commodities for the largest part of the year. Our worst was holding a lower exposure to US equities in favor of Europe and Japan, as our expectation that the latter regions would catch up to the US didn’t play out in 2021. 

Robeco
By January 13, 2022 15:07

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