Tactical asset allocation: June 2021

The global expansion advances further, with strong momentum in Europe and emerging markets. We are not overly concerned about rising inflation at this stage, as long as growth continues to improve.

We are overweight equities and risky credit at the expense of investment grade and government bonds. We continue to favour equity markets outside the U.S., and cyclical styles/factors such as value, small-caps, and mid-caps.

Continued