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Tactical Asset Allocation

Tactical Asset Allocation

Equities

  • Overweight: Energy / Value
    • Neutral: US large caps
    • Underweight: High-beta growth

Fixed Income

  • Neutral duration
    • Avoid aggressive duration extension

FX

  • Neutral USD
    • Tactical risk in JPY (intervention)

Commodities

  • Constructive on oil (near-term)
    • Neutral gold