From the SMH blog today:
“Just because the market is taking on more risk in this period, does not mean we do…
From a tactical perspective, we have positioned the portfolios with a tilt to benchmark unaware equity strategies over their index-aware counterparts. We favour developed over emerging equities and whilst we continue to do so, we have started to buy back into emerging to reduce our underweight. Improving fundamentals in this asset class mean we will monitor it closely over the next few months, particular for further positive catalysts such as economic growth and earnings relative improvement.”
