Monthly Fact Sheet, August 2020

We maintain broadly similar allocation levels, albeit we have changed the mix. We have reduced US exposure and covered the underweights in EAFE. Within bonds, we reduced the overweight to inflation linkers and we are not quite as underweight nominal bonds.  The general theme remains the same as previous months but the size of our conviction has reduced. A successful roll out of a vaccine could propel more distressed sectors higher.

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