House Views - Riding the storm
This commentary offers our latest Investment Strategy House Views.
27 September 2019
- All year analysts have fretted – wrongly, in our view – over an imminent recession and investment returns have been strong across the board so far
- Nevertheless, the fundamental outlook remains tricky with political uncertainty imposing an economic cost
- As we move into Q4 we are still in the "political-economy cycle" that has characterised much of the year. We need to continue to ride the "storm" of uncertainties
- Our valuation work continues to suggest a pro-risk stance in multi-asset portfolios. However, given downside risks to global growth, we should be careful not to over extend the risk positioning