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Tactical Asset Allocation• This table shows how confident we are about markets and assetclasses, with five the most and one the least. Overall, we remain a four.• In our most recent quarterly tactical review, our conviction on Japanhas fallen (from four to three) and for now, we prefer to take equity riskin areas such as Europe and the UK. That said, the country has madegreat strides in its vaccination effort and recent political upheaval looks12to be resolved with new prime minister Fumio Kishida in place.• We continue to see convertibles providing an attractive risk/return profile as part of our fixed income exposure. Our view hasmoved down from four to three, however, as we are taking profitsafter a strong spell of performance and feel the asset class haspotentially peaked for this cycle.3CashUK giltsGlobal government bondsInvestment grade corporate bondsIndex-linked bondsHigh yieldEmerging market debtConvertiblesEquity overallUS equity•••••••••US small capsUK equityUK small capsEuropean equityEuropean small capsJapanese equityJapanese small caps••Emerging markets equityAsian equityPropertyCommoditiesHedge fundsAbsolute return45Direction of travel•Overall••••••••••••Source: Liontrust, November 2021. Not all the asset classes are used in all the MA portfolios and fundsLiontrust Multi-Asset Portfolio Services Quarterly Report: Q4 2021 - 5
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