Asset Allocationsee more…

  1. Asset Allocation: Fading the ‘Fed Model’

    Bilal Hafeez, Viresh Kanabar

    We reduce our max overweight position in cash as the forward outlook requires a less defensive posture.

  2. Asset Allocation: Stock-Bond Correlation Flips as Growth, Inflation Diverge

    Bilal Hafeez, Viresh Kanabar

    Strategies like the 60/40 portfolio gained in popularity due to the negative correlation between stocks and bonds. However, this is a more recent phenomena as the correlation was positive before the 2000s.

  3. Asset Allocation: Quality Stocks for a Quality Portfolio

    Bilal Hafeez, Viresh Kanabar

    We stay overweight cash and TIPS while maintaining our underweight allocation to equities, long-duration bonds, property, and private equity.

  1. New Look Asset Allocation Update

    Bilal Hafeez, Viresh Kanabar

    This month, we expand the coverage of our asset class views and provide further granularity in each component.

  2. Asset Allocation: Why We Are Underweight Equities

    Bilal Hafeez

    While many were panicking about a 2008-style bank crisis, we cautioned against such predictions. So far, our view has been right.

  3. Asset Allocation Update: Cash Is Safe

    Bilal Hafeez

    In 2022, we outlined our ‘everything breaks’ portfolio, which meant constantly overweighting cash above all else.

Asset Allocation Update: Turning Overweight Commodities and Neutral Equities

Bilal Hafeez

2023 has started with a positive tone. Most risk markets from equities to crypto are up, and we identify four driving themes:

Asset Allocation Update: Cash Wins 2022

Bilal Hafeez

2022 will be remembered for many things. Investors, however, will remember it as the year of the worst ever bond market performance and the first year since the late 1960s that both bonds and equities lost money.

  1. Asset Allocation Update: Interest Rate Shock Not Ending

    Bilal Hafeez

    We continue to advocate our ‘everything breaks’ portfolio. The core rationale is that we are entering a new regime of higher interest rates – something investors have not faced for a decade.

  2. Asset Allocation Update: The ‘Everything Breaks’ Portfolio

    Bilal Hafeez

    When markets go through regime changes, you need to throw out the conventional ways of investing. Take a common approach – business cycle investing.

  3. Asset Allocation Update: The ‘Everything Bubble’ Is Bursting

    Bilal Hafeez

    Rarely can we point to one factor driving the performance of all markets. But since the global financial crisis in 2008, that factor is low interest rates.

Asset Allocation Update: Holding Steady Through Volatile Markets

Bilal Hafeez

June was a brutal month for markets. Thankfully, July came to the rescue. The S&P500 bounced 9.1% (the third-strongest July on record).

Asset Allocation Update: Cash Wins on Recession Shock

Bilal Hafeez

June was a brutal month for markets. Equities were down 9%, commodities fell 8%, corporate bonds fell between 3% and 7%, EM bonds dropped 5%...

  1. Asset Allocation Update: Watch the Fed

    Bilal Hafeez

    The biggest question in markets today is whether the Fed will be willing to crush inflation even it means weaker equity markets.

  2. Asset Allocation Update: Fragile Markets and Cash

    Bilal Hafeez

    Our core investment view remains the same. Markets are fragile, preservation of capital is paramount, and cash is king.

  3. Asset Allocation Update: Recession Portfolio

    Bilal Hafeez

    Due to popular demand, we are producing a monthly update on our asset allocation views.

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