We remain structurally neutral equities, and we are underweight core bonds in view of gradually rising inflation and monetary policy normalisation. We are open to being more tactical and ensure we are appropriately hedged & diversified.
Asset allocation 
Strategically neutral equities – We continue to reckon with weaker global growth and we believe the risks are skewed to the downside. With more volatility becoming the norm, we remain structurally neutral equities, having closed a tactical overweight.
Underweight fixed income – We are underweight core bonds given our view of gradually rising inflation and normalisation of monetary policy.
Aiming to be tactical – With more volatility on the horizon, we seek to be ever more tactical and reactive, deploying our tactical market dynamics tools.
Appropriately hedged & diversified – We continue to hold hedges/positions with asymmetries to our scenario analysis.
 This is an extract from the asset allocation monthly by the MAQS team at BNP Paribas Asset Management. For the full version, click here >
The dashboard shows the asset allocation in our portfolios and reflects the decisions of the Investment Committee of the Multi-Asset team at MAQS. Views expressed are as of January 2019. Individual portfolio management teams outside of MAQS may hold different views and may make different investment decisions for different clients.