Christmas Features 2019 

Tactical portfolio tilts for 2020

Tactical portfolio tilts for 2020

There’s being wrong and there’s being wrong. Sitting on decent 2019 gains from our Christmas tactical asset allocation (TAA) portfolios, the bad calls from last year are easier to swallow. With hindsight, the portfolios’ exposure to European blue-chip shares should have been greater, with less of a weighting towards Japan. Overall, 2019 was another year to favour shares over bonds and we could have been braver and invested more in the former. Themes we got right were including listed infrastructure as an equity sub-asset class and our global real estate investment made double-digit returns. Gold had a good 2019, too.

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