Asset allocation Tactical Asset Allocation

June 2026 update

Global risk sentiment continues to balance conflicting catalysts. The pro-growth impetus stemming from the AI super cycle, which has driven stronger corporate earnings, has collided with higher inflationary pressures and slowing economic growth risks due to the ongoing energy shock. As a result, we remain in a slowdown regime. Our Global Tactical Asset Allocation Model¹ remains moderately overweight equities relative to fixed income, with an emphasis on defensiveness and earnings visibility rather than cyclical acceleration.

Get the full story

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

Topics include:

• Macro update — Strong corporate earnings counterbalance lingering geopolitical risks.
• Markets — Global equity, credit, and government bond markets generated positive returns over the month.
• Investment positioning — See what we’re favoring in stock, bond, and currency markets.