Tuesday, 10 February 2026, written by Eelco Ubbels
Financial markets largely extended the prevailing 2025 trend last month…but our Money Talks Money Walks model has changed its recommendation on real estate and commodities while within fixed income, corporate bonds received a model downgrade.
The Venezuela shock, Greenland threat, and the criminal investigation into Fed-chair Powell creates ample ammunition to reconsider the tactical asset allocation. However, our Money Talks Money Walks model advocates staying the course.
The risk-on climate continues and this is reflected in our Money Talks Money Walks model recommendations. Still, the model changes the allocation to four categories; commodities, Japan equity, Pacific ex Japan equity and communication services.
A resilient risk-on sentiment continued to drive markets in October. The equities, real estate, and commodities categories are supported by improving fund flows and steady positive trends. Our three-pillar model highlights renewed strength in real estate and utilities, while consensus on bonds remains cautious despite solid inflows. Discover where institutional conviction is building — and where sentiment is starting to shift.
