James Giblin

Valuations have come off the highs and decent earnings coupled with economic resilience have paved the way for returns. But risks remain, as evidenced by investor sentiment towards equities, which rose from the depths as investors leaned against the gloom in April but remains somewhat cautious.

We rebalanced to add equities against the gloom of falling markets in April, but took profits on the position and moving back to neutral at our rebalance in May. This change leaves us cautiously positioned overall as the credit view is still negative

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