Quarterly report
Record high uncertainty and fiscal concern-led high rates is historically an environment more conducive to bonds over equities, and international equities over US equities
Key highlights:
- Record high uncertainty, diverging growth and inflation risks
- Rising uncertainty puts pressure on equity valuations versus bonds
- Market leadership shifts as US equities lose dominance
- Signs of credit stress in Developed Markets - canary in the goldmine?
- Alternatives (Listed infrastructure and commodities) shine
- Unusual dollar performance; weakening in a risk-off environment
- Decoupling markets provide more diversification opportunities
Published quarterly, this report covers:
- The most impactful macro indicators in the current market environment
- A cross-asset comparison covering rates, credit, equities, listed alternatives, commodities, and currencies
- Insights on market shifts and their implications for multi-asset portfolio construction
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