GAA Cross Asset Track Record - Active Weights and Performance
We present the absolute performance of our Cross Asset Allocation portfolio and compare it against the benchmark (defined below) for the past 12 months. Performance data for the portfolio since inception in January 2025 is available to clients upon request. Each bar represents the contribution of each asset class to the portfolio’s overall performance.
Our positioning is detailed in our monthly Global Asset Allocation report, available exclusively to clients.
Methodology
Within our allocation we use the following indices:
- DM Equities: MSCI World Mid & Large Cap Index, Total Return, USD unhedged
- EM Equities: MSCI Emerging Mid & Large Cap Index, Total Return, USD unhedged
- DM bonds: ICE BAML World Sovereign Index, Total Return, USD hedged
- Global IG Corporate Credit: ICE BAML Global Corporate Index, Total Return, USD hedged
- Global HY Corporate Credit: ICE BAML Global High Yield Index, Total Return, USD unhedged
- EM LC Bonds: Vaneck JP Morgan EM Local Currency Bond ETF, Total Return, USD unhedged
- EM HC bonds: ICE BAML Emerging Markets External Sovereign Index, Total Return, USD unhedged
- DM REITs: FTSE NAREIT Index, Total Return, USD unhedged
- Cash: ICE BAML Treasury Bill Index, Total Return, USD unhedged
The global 60/40 benchmark weights are as follows:
- DM Equities: MSCI World Mid & Large Cap Index, Total Return, USD unhedged, 60%
- DM Bonds: ICE BAML World Sovereign Index, Total Return, USD hedged, 40%
Supporting Publications
- Cross Asset: Stay risk on as extreme geopolitical risk priced out – We keep a modest overweight to risk assets. We expect bouts of volatility in the near term, triggered by the Middle East conflict, but the extreme geopolitical downside risk has been priced out as the Iranian regime has demonstrated willingness to negotiate.
- Cross Asset: Quick Take - March will mark the low for the year – We think March will mark the low point for US equities this year as the extreme geopolitical risk left tail has been priced out.
- Cross Asset: European equities and credit bear the brunt of disruption – The Middle East conflict will harm Eurozone equity performance even if the kinetic war ends in the next few weeks. We remain underweight the region.
- Cross Asset: Classic safe haven playbook with Iran, but fade the move – Stay overweight US equities. The recent correction has enhanced the overall equity market's risk-reward profile. Except for a severe closure of the Strait of Hormuz, we anticipate the current US goldilocks macro environment to remain largely unaffected by the conflict.
- Oxford Economics & Alpine Macro Investment Survey - March 2026 – In this chartbook, we collate and present the results of two monthly surveys of Oxford Economics and Alpine Macro clients. The aim is to provide insight into our clients' views on the global economy and financial markets.
Disclaimer
Analysis and information provided to clients by Oxford Economics through its macro strategy services is for research purposes only and does not constitute an offer to sell or buy any security or a recommendation to do so. Research and publications provide information and analysis that Oxford Economics believes to be accurate and are published with the understanding that neither the analyst nor Oxford Economics are providing investment advice; anyone who needs investment advice should consult an investment professional.