Tactical Asset Allocation

April 2025 update

For the 10th consecutive month, our framework remains in a contraction regime. We’re maintaining defensive portfolio positioning, favoring bonds over stocks. We’re staying neutral on developed ex-US stocks relative to US stocks and are overweight low volatility and quality stocks. 

Get the full story

See what our macro regime framework is telling us — and what we’re doing in response — in our April 2025 Tactical Asset Allocation update.

Topics include:

• Macro update —  Global growth continues to improve, led by European leading economic indicators rebounding from cycle lows. US leading indicators have softened, led by weakness in business and consumer sentiment surveys, negatively impacted by global tariffs and policy uncertainty.
• Markets — The underperformance of US stocks versus global developed and emerging markets persisted in March, fueling the trend since the start of the year.
• Investment positioning — See what we’re favoring in stock, bond, and currency markets.