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Investment Clock

In this section you'll find the latest Investment Clock positioning, plus insights from across the Multi Asset team.

Investment Clock position

As at July 2024. Trail shows monthly readings based on global growth and inflation indicators. Yellow dot is the current reading.

Investment clock positioning graph 07 2024.JPG

Source: RLAM. For illustrative purposes only.

The Investment Clock is updated by the Multi Asset team on a regular basis. To find out more about the concept and premise behind the Investment Clock, visit our Mult Asset capability page.

Investment Clock commentary

July 2024

No such thing as passive in multi asset

Our strategic asset mix aims to maximise growth for a given level of risk by diversifying across real assets, inflation hedges and more defensive fixed income and cash holdings. We seek to add value on a day to day basis through tactical asset allocation and active security selection.

Disinflationary trends may not last long

In our view, the pandemic ushered in a regime that will be characterised by periodic spikes in inflation and shorter boom-bust cycles. Stronger than expected US growth and trouble in the middle east could challenge the consensus view that inflation will drop quickly to target levels. 

Taking profits into the summer

Our funds have benefitted from an overweight in equities since 2022 as the world economy proved much more resilient than expected to higher interest rates. However, we have taken profits of late, reducing our allocation to stocks as our Investment Clock has moved away from the equity friendly Recovery quadrant. We have now entered the summer months which tend to be more volatile for stock markets and the risk is elevated that macro data could create further challenges.

Commentary as at July 2024. 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.