Taktische Anpassungen: Reduktion Anleihen, Erhöhung von Gold und Aktien EM
The weighting of bonds was reduced, mainly due to limited attractiveness in core markets. At the same time, we increased our positions in emerging market equities in order to benefit specifically from the better growth and earnings prospects.
In addition, the gold allocation was increased to broaden the portfolio’s exposure to geopolitical risks and structural uncertainties. Overall, this results in a slightly overweight position in equities and alternative investments.
