•We maintain the overall defensive positioning in risk assets from last month. Our top-down climate indicator is still negative, although it has recovered somewhat from last month.
• In our HQ Fixed Income portfolio, we are overweight cash and IG Bonds, while keeping Gov.bonds in Neutral.
• We maintain a neutral position in USD.
• In our Risk portfolio, we stay underweight European, Japanese and Core Equities. We have raised our holding of EM equities from an underweight position to Neutral.
• Credits and US equities are still held in Neutral positions.
• Our Cross-Asset Portfolio model is implemented in our fund CAP-M.
