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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 current positioning

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

Image shows Investment Clock positioning as at April 2024.

Source: RLAM. For illustrative purposes only. 

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.

Soft landing hopes driving equity strength

We have benefitted from an overweight position in equities over so far in 2024 as the macro backdrop has proved more resilient than expected. Macro conditions remain supportive, with the prospect of interest rates cuts boosting hopes of a recovery in activity.

We remain vigilant. More defensive positioning could be necessary later this year. Geopolitical risk or disappointment around the number of interest rate cuts this year could cause a correction in markets.

Commentary as at April 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.

Investment Clock insights

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

Read our insights