Multi-Asset Track Record - Active Weights and Performance
We present the performance of our Multi-Asset Strategy portfolio and compare it against the benchmark (defined below) on a rolling 12m basis. Each bar represents the contribution of each asset class to the portfolio’s overall performance.
Our positioning is laid out in detail in our monthly Multi-Asset Strategy report, available exclusively to clients.
Methodology
Within our allocation we use the following indices:
- US Equities (30%): MSCI US Mid & Large Cap Index, Total Return, USD unhedged
- EU Equities (10%): MSCI Europe Mid & Large Cap Index, Total Return, USD unhedged
- JP Equities (5%): MSCI Japan Mid & Large Cap Index, Total Return, USD unhedged
- EM Equities (5%): MSCI Emerging Mid & Large Cap Index, Total Return, USD unhedged
- USTs (12%): iShares 7-10 Year Treasury Bond ETF, Total Return, USD unhedged
- Non-US DM bonds (10%): ICE BAML, Australia, Canada, France, Germany, Japan, Netherlands, Switzerland & UK 7-10 Year Treasury Bond ETF, Total Return, USD hedged
- Global IG Corporate Credit (5%): ICE BAML Global Corporate Index, Total Return, USD hedged
- Global HY Corporate Credit (3%): ICE BAML Global High Yield Index, Total Return, USD unhedged
- EM LC Bonds (3%): Vaneck JP Morgan EM Local Currency Bond ETF, Total Return, USD unhedged
- EM HC bonds (3%): ICE BAML Emerging Markets External Sovereign Index, Total Return, USD unhedged
- Gold (3%): S&P GSCI Gold Index, Total Return, USD unhedged
- Commodities (3%): S&P GSCI Index, Total Return, USD unhedged
- Private Markets (3%): 70% LPX50 Private Equity & 30% VettaFi Private Credit, Total Return, USD unhedged
- Cash (5%): ICE BAML Treasury Bill Index, Total Return, USD unhedged
The benchmark is our portfolio, without our active weights implemented.
Supporting Publications
- Stay Overweight Equities Following Excessive Derisking – Stay risk on. Our asset allocation frameworks point to both EPS momentum at a record high and a broadening across Europe and EM as a key ingredient for our equity overweight.
- Summer range trading, but stay risk-on – We stay overweight developed market (DM) equities. Results in the Q2 earnings season should continue to be strong and broaden beyond tech, underpinned by solid corporate margins and the global manufacturing cycle upturn.
- Gold is a 2027 story – stay neutral – We're tactically neutral on gold. Valuations are stretched, speculative net inflows from retail investors have tapered off, and higher US bond yields have raised the opportunity cost of holding gold.
- Bretton Woods 3.0 – The new world order – Bretton Woods 2.0 is dead. The debt-for-cheap goods exchange that characterised the post-Cold War relationship between the US and China peaked in 2008. US voter dissatisfaction dealt it a mortal blow.
- Positioning for the next leg up in markets – Stay overweight equities. The US growth story is largely intact. We forecast US GDP growth will remain resilient at 1.9% in 2026, rising to an above-consensus 2.7% in 2027, underpinned by a renewed fiscal impulse, continued AI investment, and an ongoing cyclical upturn in productivity.
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