IVOL - Asset Allocation Views: Prolonging The Expansion

Following a bumpy 2019 for global growth, we see economic momentum recovering in 2020. While the global health crisis adds uncertainty to the economic outlook, we believe the economic and market risks will be temporary. With the cycle extended and recession risks reduced, we favor equities over hard duration and generic corporate credit, and have started the year with a constructive view toward risk. Active management remains important and, as always, we will monitor potential risks and disruptions that could loom large in an environment where expected returns are capped by valuations.

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