Gregoire Sharma

Following the US elections, we have reduced our expectations of a hard landing and are favouring high-income assets such as short-duration high-yield credit and the banking sector in both equities and fixed income (through AT1s and RT1s as a higher-quality proxy).

We maintain an overweight to our SAA in UK equities vs global equities based on attractive valuations and favour infrastructure equities over real estate equities.

Considering adding to gold given geopolitical tensions.