Portfolio
| Tactical Asset Allocation
Where to overweight and underweight over the next 6 to 12 months, across public and private asset classes.
The actions of the Trump administration have dominated the headlines over the past month. They are all noise. Focus on the reactions from the rest of the world. Policy makers outside of the US are now determined to stimulate and reform their domestic economies. Global growth is accelerating without a corresponding increase in inflation. This combination is not only positive for risk assets but is also supercharging returns for Ex-US stocks. Downgrade Fixed Income and duration.
To start 2026, we answer what we believe are the most important questions facing investors surrounding the labor market, monetary and fiscal policy, and AI stocks. Overall, we reiterate our overweight views on risk assets and highlight the risks surrounding the upcoming tariff decision.