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Asset allocation navigator Q3 2019

Synchronised central bank policy easing and the truce in the US-China trade war agreed at the G20 Summit is a positive macro backdrop for risk markets.


Nonetheless, after a strong first half of the year we realised gains and reduced the ‘equity’ risk in our multi-asset credit strategies (MAC) – as we approach what could prove a disappointing corporate earnings season.

But we maintain a pro-growth and carry bias across our MAC strategies, with our preference for European bank subordinated debt and emerging market (EM) local debt.

Trade policy tensions and global growth fears have not gone away, but in a world characterised by mediocre growth and even lower for longer interest rates, credit, including EM debt, can continue to post solid returns.

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