November AA Insights

October AA Insights

September AA Insights

*TACO: “Trump Always Chickens Out” - **WACO: “World Always Chickens Out”

Volatility may persist, but recovery is underway. Stay invested, avoid market timing, watch US strength, and diversify across sectors/regions. Read below:

Looking ahead to Q2.

Having great ideas is a great idea.

Overall, the macro and liquidity conditions are still positive for risk assets, even if downside risks and uncertainties have increased recently. While earnings growth momentum continues to accelerate, equity market valuations remain rich, especially in the US. We also observe some deterioration in market dynamics: sentiment is overbought, and market breadth has been deteriorating. While we maintain a constructive view on equities, we move to a more balanced positioning in terms of asset classes and regions and downgrade our view on equities from overweight to neutral. - While we still have a structural preference for US equities over the rest of the world, we are neutralising our tactical regional stance as valuations and macro-economic momentum may lead to a continuation of the dynamics at play since the beginning of the year. - Within rates, we adopt a more neutral stance on long-term government bonds, as potential downside risks to growth now balance the uncertainties around the inflation outlook. We continue to favour the 1-10 years segment in the fixed income allocation. - We keep our gold and hedge funds exposure for diversification purposes. Our stance on currency –overweight dollar against major pairs except Swiss franc— is unchanged.

After AI, quantum computing? Marketed as the next technological revolution, this emerging industry could reach a market value of $1.3 trillion by 2035, analysts say.

Looking ahead to Q4.