Markets have finally entered a new regime of improving confidence, growth, leverage, and prices. Strategies that worked in the past may no longer serve investors well. Political landscapes, structural changes, tax changes, and asynchronous valuations also point toward the need to be more selective.
Success ahead will require a more active approach, and we see falling correlations as the primary reason to consider shifting portfolios. We recommend incorporating strategies that are opportunistic, that find a balance between risk and return, and that match objectives with exposures.
Michael J. Kelly, CFA, Global Head of Multi-Asset; Agam Sharma, Managing Director, Portfolio Manager, Global Multi-Asset; Hani Redha, CAIA, Managing Director, Portfolio Manager, Global Multi-Asset
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