SMLL - Asset Allocation Committee Outlook 2Q2020 | Contagion

As the COVID-19 virus spread around the world, sending markets into turmoil, our Asset Allocation Committee (“the AAC” or “the Committee”) met by video conference because governments were telling citizens not to leave their homes. These are extraordinary circumstances, and they make asset allocation decisions extraordinarily challenging and consequential. Attempts to flatten but lengthen the growth curve of COVID-19 infections through social distancing and self-isolation will hopefully save lives and keep healthcare systems running. The price to pay is a steep reduction in economic activity, and financial markets have been adjusting frantically to this new