Given our view that 2022 will be a year of transition and that asset class returns will converge, we adopt a more balanced approach within our Model Asset Allocation, though still maintain a preference for cyclical assets. We reduce the equity allocation to Neutral and increase the allocation to bonds, by raising high-yield credit (to Maximum) and investment-grade credit (to just below Neutral), though we reduce government bonds to the Minimum allowed. From a regional perspective we have added to emerging market (EM) and Eurozone allocations, while reducing exposure to the US and Japan. We also consider alternative scenarios.
In our view:
Our best-in-class assets (based on 12m projected returns)
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