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Investment Clock

In this section you'll find the latest Investment Clock views and positioning, Investment Clock insights and blogs, and a library of economic updates from the multi asset team.

Investment clock positioning

Image shows Investment Clock positioning as at November 2023.

As at December 2023. Source: RLAM. For illustrative purposes only. Trail shows monthly readings based on global growth and inflation indicators. Yellow dot is the current reading.

From ‘Stagflation’ to ‘Spikeflation’

We expect headline inflation to fall but see a new regime characterised by periodic spikes in inflation and short boom-bust cycles. Higher rates make cash attractive, but it remains a poor long-term investment.

Active diversification

We build resilience by diversifying broadly, with real assets like equities and property, inflation hedges like commodities and by holding less bonds when yields are low. In our most recent regular review, we added to bond exposure and increased global diversification.

Active management to navigate shorter cycles

Short business cycles argue for active day to day management. We have added back to equities more recently amid oversold investor sentiment and a seasonally risk-friendly environment.

However, more defensive positioning could be necessary going forward, should growth weaken and the business cycle dip further into Reflation.

Commentary as at December 2023. Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. Portfolio characteristics and holdings are subject to change without notice. The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Investment Clock insights

Read all the latest views on investment market conditions from our multi asset team. 

Read our insights