Tactical Asset Allocation

February 2026 update

Global growth is moving above trend, with broad based contributions across regions, and risk appetite continues to accelerate. Our macro framework has entered an expansion regime for the first time since 2022.

Get the full story

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

Topics include:

• Macro update — The improvement was broad-based across nearly all countries covered in our framework, led by the US, developed markets ex-US, and emerging markets, except for China where growth remains positive and stable but without clear signs of sustained acceleration yet.
• Markets — Overall, our framework confirms a growth and inflation mix consistent with a goldilocks scenario, favorable for risk assets and cyclical exposures with more upside for equities than credit given historically tight spreads across sectors.
• Investment positioning — The transition to an expansion regime for the global economy leads to several portfolio changes in the Global Tactical Allocation Model this month. See what we’re favoring in stock, bond, and currency markets.