CAP Scan, May 2020

CAP Scan, May 2020

We maintain the same overall defensive positioning in risk assets from last month. Our top-down climate indicator is still very negative.

In our hedge portfolio, we overweight short duration EZ gov. bonds and hold IG bonds as an underweight.

We have reduced our exposure to USD bonds. 

In our Risk portfolio we stay underweight in European, EM and JP equities while holding High Risk credits and US equities in Neutral positions.

Our Cross Asset Portfolio Model is implemented in our CAP-M fund. See also: