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Investment Monthly - May 2021

With a lot of good news now priced by markets, multi-asset portfolios should not be far from the benchmark or “home” allocation.
04 May 2021
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    Summary:

    • With a lot of good news now priced by markets, multi-asset portfolios should not be far from the benchmark or “home” allocation
    • We think US 10y yields moving above two per cent would challenge risk markets
    • For now, the restoration economy is a constructive backdrop for risk assets, and some cyclical tilting makes sense. We like small-cap and value factors, and Europe/ASEAN equities
    • In a phase of lower expected returns, higher inflation uncertainty and growth recovery, alternative asset classes need to become a more mainstream feature of our portfolios