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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 11.12.2019.

In a nutshell:

  • Recent macro data have been helpful for investor sentiment, given the bottoming out of global manufacturing and the broad-based strength of the November US nonfarm payrolls report
  • Crucially, despite these positive data surprises, the Fed seems determined to avoid tightening policy in response, as Chair Powell confirmed following this week’s meeting
  • The UK general elections and the threat of new US tariffs on Chinese goods are the most important near-term risk events. Our baseline scenario is constructive on both fronts, although a substantial degree of uncertainty persists
  • Asset allocation: We keep the emphasis on carry strategies to deliver the best risk-adjusted returns in a slow-growth, low-yield environment. Our asset allocation remains unchanged this month.

Best regards,

Investment Committee


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