Asset allocation Tactical Asset Allocation

April 2026 update

Rising geopolitical tensions are beginning to weigh on global growth expectations, despite continued economic resilience. A decelerating risk appetite moves our framework to a slowdown regime, reflecting a more balanced and defensive posture in response to elevated uncertainty, rather than a fundamental shift in the economic cycle.

Our Global Tactical Asset Allocation Model¹ remains moderately overweight stocks relative to fixed income, with a focus on defensive factors such as quality and low volatility.

Get the full story

See what our macro regime framework is telling us — and what we’re doing in response — in our April 2026 Tactical Asset Allocation update.

Topics include:

• Macro update — The escalation of the US–Iran conflict has introduced a meaningful external shock to the prior expansion, raising uncertainty around inflation, policy flexibility, and the sustainability of risk‑taking.
• Markets — We remain neutral across the US, developed ex‑US, and emerging markets.
• Investment positioning — See what we’re favoring in stock, bond, and currency markets.