Two equity specialists from the Asset Allocation Awards panel close out October with the same preference: US equities, carried by technology.
ING Investment Office is moving towards the Consensus and L&G AM expresses the view as a relative position against Europe. The most striking signal lies elsewhere, in government bonds.
House View: ING Investment Office
ING Investment Office, winner of the 2026 Equities Regional Award, upgrades US Equities from neutral to overweight in its Maandbericht beleggen november 2026↗ of 28 October. ING describes the US market as relatively defensive, while it also has heavy exposure to technology, a sector the house remains positive on. The money comes from Pacific ex-Japan, where low earnings growth meets high valuations. Protection and growth, in a single position.
House View: L&G AM
L&G AM, finalist for the Equities Regional Award, increased its equity exposure after the flare-up of the Middle East conflict and is now overweight. Within equities the choice is clear: long Nasdaq 100 against Europe and the UK, because “tech-heavy US equities can reassert leadership”. Investment Grade Bonds is strongly underweight, while government bonds stay neutral. L&G AM takes risk in equities, and explicitly not in credit…
Navigating crosscurrents, Asset Allocation Outlook Q4 2026↗
What it means for the Consensus
On the US, ING joins the Consensus, where US equities rank 4th out of 25 asset classes. On government bonds, part of the panel is moving ahead. After T. Rowe Price and Invesco, ING is now also reducing its underweight, while the Consensus still ranks government bonds 21st.
Today October ends. Next week we publish the November Asset Allocation Consensus, with an update of all recommendations, the arguments behind them and the ranking of the macro themes. Then we will see whether government bonds mark an early turning point or an exception.