Tactical asset allocation views

Woman looking though the binocular in the Peak of Hong Kong
Henley-based Multi Asset Team
Outlook still positive, but wary of short-term headwinds
  • With growth rates peaking and absolute valuations high, our view is slightly more cautious than last quarter, but we remain constructive on the outlook overall.
  • We maintain our preference for equities over bonds and cash due to the ongoing profits recovery and attractive relative valuations.
  • We downgrade emerging markets and Japanese equities from overweight to neutral, and upgrade cash to neutral from underweight. 
Figure 1: Q3 changes to our tactical asset allocation
Figure 1: Q3 changes to our tactical asset allocation
Source: Invesco, as at 30 September 2021. ¹ Developed Asia. * Indicates an upgrade or downgrade.

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    All data is provided as at the dates shown, sourced from Invesco unless otherwise stated.


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