Our funds’ tactical asset allocation positioning is very close to where it was this time last year, which means our views on the various asset classes in which we invest have not changed much. This to a degree is to be expected – our asset allocation approach seeks to identify business cycle inflection points which don’t by their very nature come along very often. And although inflation is now rising in many countries, I think the end of the current cycle is some way off, though for some – the US being a good example – it is closer than others.
Published in Investment Letter, January 2017
The views expressed in this communication are those of Peter Elston at the time of writing and are subject to change without notice. They do not constitute investment advice and whilst all reasonable efforts have been used to ensure the accuracy of the information contained in this communication, the reliability, completeness or accuracy of the content cannot be guaranteed. This communication provides information for professional use only and should not be relied upon by retail investors as the sole basis for investment.