Asset allocation Tactical Asset Allocation

November 2026 update

Tighter financial conditions continue to weigh on risk appetite, while economic growth remains resilient. Decelerating global risk appetite, when combined with above-trend economic growth levels, suggests that the global regime remains in a slowdown for the seventh consecutive month. 

Our Global Tactical Asset Allocation Model¹ remains modestly overweight equities relative to fixed income, with an emphasis on risk management.

Get the full story

See what our macro regime framework is telling us — and what we’re doing in response — in our November 2026 Tactical Asset Allocation update.

Topics include:

Macro update

Our measure of global economic growth, based on leading economic indicators (LEI), continues to register above trend for the 10th consecutive month, with the majority of the sub-components within our economic indicator registering above trend.

Markets

Tight financial conditions reverberate across asset classes, as equities and spread-sensitive sectors begin to waver. Concerns over the speed of the AI buildout, the future trajectory of earnings growth, and political risks surrounding midterm elections warrant diversification.

Investment positioning

See what we’re favoring in stock, bond, and currency markets.