72 Asset Allocation Reports, Risk On Still Dominates
Only one consensus change, but 51 revisions and weaker US positioning suggest conviction is starting to fade
From reports to consensus
Each month, the Asset Allocation Consensus is built from the ground up. Before anything is aggregated into a model or ranking, the starting point is what strategists actually write.
This page brings together the 72 most recent asset allocation reports used for the February 2026 Consensus, published on 1 March 2026, representing EUR 65.8 trillion in assets under management. All reports are no older than six months, making this one of the broadest input sets since the start of the Consensus in 2012.
These documents are the primary sources, CIO views, house outlooks, tactical updates, and cross asset frameworks in their original form. The value is not any single report, but the patterns that emerge across them.
Fewer changes, weaker conviction
Compared with the previous month, changes were limited. In total, 51 recommendation changes were recorded, down from 69 in the prior update. Downgrades slightly outnumbered upgrades across asset classes, suggesting some cooling in conviction rather than a clear shift in regime.
Only one consensus change occurred at the asset class level. Corporate Bonds moved from Underweight back to Neutral.
Regional shifts below the surface
Within regions, rankings changed more than recommendations. Emerging Markets equities moved to the top position, Pacific ex Japan rose to second, while US equities dropped from first to third. Under the surface, the relative attractiveness of the US weakened, even though overall equity positioning remains positive.
Still risk on, but watching closely
At the total allocation level, the signal remains risk on. Equities and commodities stay overweight, while cash is at an all time low. Fixed income positioning is mixed, but not defensive.
These reports were written before the escalation in the Middle East in early March and before energy prices moved sharply higher. That makes the next update especially interesting, not only for the recommendation changes, but for how strategists adjust the arguments behind them.
Source reports
Below are the source documents used in this month’s Asset Allocation Consensus.
Aegon AM Global House View
AllianceBernstein Strategic Investment Outlook 2026
Allianz Global Investors Multi Asset Tactical View February 2026
Amundi Global Cross Asset Investment Strategy February 2026
Arab Bank Investment Strategy Q1/2026
Aviva Investors House View 2026 Outlook
Barclays Market Perspectives February 2026
Bendura Market Outlook February 2026
Berenberg Horizon Handout
BlackRock Weekly market commentary
BNP Paribas AM Monthly Market Viewpoint
BNY Investments Vantage Point
Candriam Monthly Coffee Break
Citibank GIC 2026 Q1 Macro Investment View
Columbia Threadneedle Tactical Asset Allocation Outlook
Degroof Petercam - Indosuez Monthly House View
DWS Investment Traffic Lights
Erste Group Global Strategy 1Q 2026
Federated Investors Where We Stand
Fisch Asset Management Monthly Update - February 2026
Franklin Templeton Allocation Views February 2026
Generali Investments Market Compass February 2026
Hang Seng Bank 1Q Investment Outlook 2 Jan 2026
HSBC AM Investment Monthly February 2026
ING Investment Office Maandbericht Beleggen
J. Safra Sarasin Cross-Asset Weekly February 2026
Janus Henderson Multi Asset Quarterly
JP Morgan Global Asset Allocation Views 1Q 2026
L&G IM Outlook
Mackenzie Investments Blue Book
Morgan Stanley The BEAT for Q1 2026
Neuberger Berman Asset Allocation Committee Outlook 1Q 2026
Ninety One Multi-Asset Strategy Quarterly
Northern Trust AM Investment Perspective
Nuveen Global Investment Committee
OFI Asset Management Panorama
Pictet AM Barometer Ferbuary 2026
PineBridge Investment Strategy Insights February 2026
Raiffeisen Anlageguide February 2026
Russell Investments Asset Class Dashboard
Schroders Our Multi-Asset Investment Views
SEB House View
Societe Generale House Views February 2026
Standard Chartered Global Market Outlook February 2026
Sys Group Asset Allocation Insights February 2026
T. Rowe Price Global Asset Allocation February 2026
UBS Macro Monthly
UniCredit Monthly Outlook February 2026
Vontobel Investors’ Outlook February 2026
VP Bank Our View February 2026
Wellington Multi-Asset Outlook February 2026
Wells Fargo Asset Allocation Strategy February 2026
Wilmington Trust Capital Perspectives