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Investment Committee Update
Investment Solutions - Investment Committee
 
 

Dear investors,

Please find below our latest edition of the Investment Committee Update as of 14.10.2019.

In a nutshell:

  • There is little change in the macroeconomic picture. While we see no recession in the near term, we remain concerned about the outlook for trade given the reverberation of the US-China trade conflict – and so are central banks, based on their policy response.
  • The UK and the EU might be inching closer to a deal after the Johnson-Varadkar meeting, which led to a positive shift in sentiment. However, the current UK proposal seems quite complex, and significant hurdles remain.
  • Meanwhile, the US and China have reached another trade truce. While this limits the threat of further escalation in the short term, the most difficult issues remain unresolved.
  • Asset allocation: Carry strategies play an important role in providing additional returns. This month, we increase our allocation to global high yield, and decrease hedge funds (CHF and EUR accounts) and short-term fixed income exposures (USD accounts). In currencies, we take profit on the long JPY position, and initiate a sterling overweight across all profiles.

Best regards,

Investment Committee

 

 
 
 
 
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