David Aujla

Current positioning reflects our long-held view that the world has become more asynchronous and volatile, with increased dispersion within and across asset classes. We currently favour fixed income over equities, with a modest preference for international equity markets relative to the US. In fixed income, we maintain our bias towards government bonds, diversifying globally across the US, Europe and UK. Where possible, we also continue to blend our portfolios wisely, utilising active strategies in areas with greater alpha opportunities like emerging markets and small/mid cap equities, as well as developed and emerging market credit, while adopting a more passive approach in US equities and global government bonds. It is our belief that adopting a blended approach enables us to better capture market alpha while managing downside risk.

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