CAP Scan. June 23, 2020

CAP Scan. June 23, 2020

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.