Archive - Asset Allocation Report

Inflation Keeps the Consensus Risk-On. Pictet Sees Tighter Financing and Cuts Equities.

Candriam backs both equities and long duration.

20 hrs ago • Eelco Ubbels

Inflation Fears Top of the List: Asset Managers Hedge With Equities and Commodities, Not Inflation-Linked Bond

Risk-on remains, but inflation and interest costs now drive the arguments

Nov 5 • Eelco Ubbels

October 2026

A month ago, ING Investment Office was neutral on the US. Now it is overweight.

L&G AM also backs US tech, and government bonds are cautiously returning...

Oct 31 • Eelco Ubbels

The Consensus Cuts Government Bonds to Underweight. Two Finalists Shrink Their Underweight Instead.

T. Rowe Price and Candriam warm to equities, Invesco turns cautious.

Oct 24 • Eelco Ubbels

Still risk on, but ready to brake

Two former NN IP multi-asset architects stay in equities, for very different reasons.

Oct 21 • Eelco Ubbels

Pictet downgrades recommendation for consensus-favorite sector, for the second consecutive month

Meanwhile, three Award finalists overestimate Fed action

Oct 10 • Eelco Ubbels

Where the Award Winners Diverge From Consensus

ING Investment Office · Invesco · Federated Hermes: Equity Regional, Equities Sectors & Fixed Income Award

Oct 8 • Eelco Ubbels

67 Reports: Inflation Climbs to No. 2, Hormuz Fades From Portfolios

AI is driving growth, inflation is holding back the bond market, and oil prices are falling the most.

Oct 1 • Eelco Ubbels

September 2026

Interest rates are rising, and no two investors are taking the same approach. Only UBS is buying government bonds again.

T. Rowe Price is opting for cash, and ING remains neutral on the U.S.

Sep 26 • Eelco Ubbels

The Fed raised interest rates on Wednesday. Neither of the two award winners has adjusted its asset allocation recommendation

UBP is neutral on stocks. Federated Hermes aligns with the consensus.

Sep 19 • Eelco Ubbels

Three Award Finalists. One Consensus. Three Different Ways to Disagree.

Robeco turns cautious as Candriam leans contrarian on Government Bonds.

Sep 13 • Eelco Ubbels

Last of five: why equities set the price of credit

Consensus ranks High Yield last, performance ranks it first.

Sep 11 • Eelco Ubbels

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