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: Ignore volatility as the macro backdrop remains supportive – We look through recent volatility in risk assets, as the global macro backdrop remains 'just-right'. We anticipate steady global GDP growth and disinflation in 2026.
- Cross Asset: Position for reflationary trades – Wobbles in reflation trades provide dip-buying opportunities. We prefer those that are closely tied to the global industrial cycle which we see strengthening over the coming months.
- Cross Asset: Greenland adds downside to European risk assets relative to US – As a result of these geopolitical and trade tensions, we expect European equities to underperform. The threat of tariff escalation adds downside risks to an economy already facing headwinds. European defence spending would likely remain a bright spot.
- Cross Asset: Top Trades 2026 - A supportive backdrop for risk assets – Risk assets are set to garner support from continued US exceptionalism, which will dominate market outcomes as tariff risks recede. We think four related investment themes will playout.
- Oxford Economics & Alpine Macro Investment Survey - February 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.