LDEM - Tactical Asset Allocation - December 2020 Recap

• Based on our macro regime framework, we expect the global recovery to continue, with emerging markets (EM) to expand and grow above trend and developed markets to follow soon after as they approach trend growth.
• We expect the global recovery to continue and anticipate a supportive environment for equity and credit premia, cyclical factors, and risk assets more broadly.
• We maintain a higher risk posture than our benchmark in the Global Tactical Asset Allocation model, sourced through an overweight exposure to equities and credit at the expense of government bonds.

For further details see: