The overall defensive positioning in risk assets from last month has been maintained. Our top-down climate indicator has moved further into negative territory, and we have consequently reduced our tilts towards growth and cyclicals, replacing them with a stronger tilt towards defensives.
In Growth stocks we maintain neutral positions in IT, Healthcare and New Energy, while keeping Biotech in UW.
In Defensives both Water, Utilities and Gold have been lifted from Neutral to now OW. In Consumer Staples we maintain our OW.
In Cyclicals we have reduced our position in Consumer Discretionary from Neutral to UW and US small Caps from OW to Neutral.
In Credit & Rate Sensitives we continue to underweight Infrastructure, while keeping Real Estate in Neutral. Financials have been moved back into UW after a Neutral weighting in recent months.
Our sector views are reflected and implemented in our fund CAP-M.