Asset allocation

Tactical Asset Allocation: June update

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June 2024 update

Despite reduced expectations of monetary policy easing in 2024, and the prospect of “higher for longer” interest rates, in the risk assets continue to reflect optimism and confidence towards a favorable macro environment with muted volatility in the near term. We expect global growth to remain below its long-term trend, but to potentially see a more balanced contribution from other parts of the world.

Read the full story

See what our macro regime framework is telling us — and what we’re doing in response — in our June 2024 Tactical Asset Allocation update.

Topics include:

  • Macro update — Our macro framework confirms a favorable outlook with low but stable global growth with rising risk appetite — a backdrop that has historically compensated investors for risk taking.
  • Markets — Developed ex-US and emerging market equities have performed remarkably in-line with US equities, despite the extraordinary outperformance of mega-cap US technology names.
  • Investment positioning — See what we’re favoring in equity, fixed income, and currency markets.


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    Global 60/40 benchmark (60% MSCI ACWI, 40% Bloomberg Global Aggregate USD Hedged).

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