Multi-asset portfolio allocation
05 February 2021
4 minute read
Gerald Moser, Zurich Switzerland, Chief Market Strategist
Barclays Private Bank discusses asset allocation views within the context of a multi-asset class portfolio. Our views elsewhere in the publication are absolute and within the context of each asset class.
Cash and short duration bonds: neutral |
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Fixed income: neutral |
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Developed market government bonds: high conviction |
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Investment grade bonds: neutral |
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High yield bonds: neutral |
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Emerging market bonds: low conviction |
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Equities: high conviction |
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Developed market equities: high conviction |
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Emerging market equities: high conviction |
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Other assets: low conviction | Alternatives will continue to diversify our portfolio, but are not expected to be the main drivers of returns. Gold is set to benefit from its status as a safe-haven asset and for this reason an allocation to the asset class is maintained. Conversely, real estate and alternative trading strategies are underpinned by a weak investment case. |
Commodities: neutral conviction |
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Real estate: low conviction | Real estate should continue to provide mild diversification benefits, helped by loose monetary policy. That said, a low conviction stance seems justified due to structural headwinds, such as the shift to online retailing, as well as the higher leverage in the sector. |
Alternative trading strategies: low conviction |
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