Previous Reports
EM overweight, US underweight
Investors continue to shrug off escalating geopolitical risks and the alarming rise in government debt burdens. Market sentiment remains exuberant, with valuations stretched to extremes, especially in the US. In our latest asset allocation update, we ask: Is this the moment to pivot to a deliberate contrarian stance?
Outlook for 2026 looks strong, but fundamentals are shaky
The consensus expectation is that shares will have another good year and monetary policy will be further loosened. This underestimates several risks that could undermine many of the pillars supporting economic growth and the stock markets. In this final asset allocation report of the year, we answer the question of what this means for the outlook for asset prices and tactical asset allocation.
Impact of government policy on markets in 2026
AI-bubble fears are rising, yet current valuations remain well below dot-com levels. A bigger — and far less discussed — market driver for 2026 may be government policy. This month’s Tactical Asset Allocation explains why, and what it means for investors.
