In Q1 2019 the global economy continued to decelerate however, investors’ are discounting a sharp economic recovery and risk assets were extremely strong. In contrast to a decent Q4 for the fund, Q1 caught us off guard.
We are doubtful about the extent or timing of the recovery that is being priced in, but recognise Central Banks are poised to improve liquidity conditions. Accordingly we have moderated our asset allocation.
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