US equities rose strongly last week on the back of political changes in the UK, reassuring earnings reports and indications that the Fed may be moderating the pace of its interest rate hikes. The S&P 500 recorded its best weekly gain in nearly four months, (+4.7%), while the Dow Jones had its third consecutive week of gains. As the chart below shows, active fund managers seem to be slightly increasing their allocations to equity markets, anticipating a seasonal rally.