CAP-M Asset Allocation December 2019

•In November, we raised our Overweight in global equities, as our dynamic indicators suggest a new leg of expansion for the global economy. The length and strength of this recovery is still a big unknown.

• This overweight is concentrated in European and US equities – and both in Large and small cap stocks.

•We continue to keep high risk credit bonds in double Underweight positions.

• In Europe, we have shifted our exposure in Investment Grade bonds back into neutral, while opened an underweight position in Core Euro gov. bonds. 

• We have again moved our exposure to the US-dollar. This time from Neutral to an underweight position.