Updated 16th August 2020.
To account for differences in how asset managers present their views, mild underweight views are simply categorized as underweight and mild overweights are categorized as overweight. Where the same asset manager has differing views between long-term vs short/medium term views, the latter is used. Consensus views for sub-asset classes are highlighted in red (Underweight), grey (Neutral) or green (Overweight).
On Equities, Asia and US have been consensus overweights for a number of months now. The recent change has been asset managers’ increasing positivity on Europe, with the region being deemed an attractive cyclical play (compared to EM equities) with the tailwind of a coordinated fiscal stimulus.
On Fixed Income, we continue to see consensus optimism on Asia Fixed Income and Investment-grade Corporates. German Bunds remains a consensus Underweight.
Sources:
Blackrock Weekly Commentary (10th August 2020), retrieved 16th August 2020 from https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary#asset-class-views
JPM Global Asset Allocation Views 3Q2020, retrieved 12th July 2020 from https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/br/en/insights/portfolio-insights/global-asset-allocation-views-br-en.pdf
Goldman Sachs Asset Management Market Pulse August 2020, retrieved 16th August 2020 from https://www.gsam.com/content/gsam/us/en/advisors/market-insights/market-strategy/market-pulse/2020/market-pulse-Aug2020.html
HSBC Asset Management Investment Monthly July 2020, retreived 12th July 2020 from https://www.expat.hsbc.com/wealth/insights/market-analysis/investment-monthly/2020-07/
UBS Macro Monthly August 2020, retrieved 16th August 2020 from https://www.ubs.com/global/en/asset-management/insights/asset-class-research/asset-allocation/2020/08-macro-monthly.html?campID=CAAS-ActivityStream
Standard Chartered Global Market Outlook (August 2020), retrieved 16th August 2020 from https://www.sc.com/retail/mce/index.html#/details?lang=en&ctry=SG&channel=PLRB&sapp=PUB&requestId=6bb86494-1070-4baf-b48c-1da69155ff7e
Nikko Asset Management Multi-Asset Monthly (July 2020), retrieved 19th July 2020 from https://insights.nikkoam.com/articles/2020/07/multi-asset-202007