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Top 10 asset classes - 1st May 2019



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1. UK Corporate Bonds [+]
(2)
2. Global Bonds (GBP Hedged) [+]
(1)
3. US Equities (Technology) [+]
(11)
4. Asia Property [+]
(3)
5. European Equities (Large Cap) [+]
(19)
6. UK Gilts (Inflation Linked) [+]
(5)
7. UK Equities (Large Cap) [+]
(12)
8. European Equities (Dividend) [+]
​​(20)
Buffer Zone
9. US Equities (Large Cap) [+]
(17)
10. Global Equities (GBP Hedged) [+]
(27)
Number in brackets () denotes position one month ago.
Postive trend = [+], Negative trend = [-].

Top 10 commentary 1st May 2019
 ​
We saw a high turnover of assets during April as a number of equity asset classes returned to the top 10 for the first time since October of last year. In total, there were six assets relegated and six promoted, with three of the six relegated being UK government bond indices, whilst all of those promoted were equity indices.

Although a number of bond indices have been relegated,
the top 10 still contains some bond exposure with UK
corporate bonds, UK index linked government bonds and
global GBP hedged bonds. UK corporate and global GBP
hedged bonds have traded places but between them they still occupy the top two spots. UK index linked government bonds have slipped one place from 5th to 6th whilst Asia property, the only other asset retained from last month, fell from 3rd to 4th.


The recovery in equity prices is reflected in the speed at
which they have risen through our relative strength league table over the last month. European dividend, European large cap and global GBP hedged equities were all in the bottom half of the table at the start of month but have risen sharply as the risk adjusted performance of equities and non-equity assets such as bonds and commodities begins to diverge. Of the equities promoted, they are either large caps or have a large cap bias. Small and medium sized indices, whilst having performed well, remain, for now at least, out of favour with our investment process.


Overall the top 10 has seen a significant shift in asset mix
having been dominated by bond asserts since November
of last year. Almost all of the equity indices we monitor
have shifted back towards positive trends although a small number remain risk off.


Downloadable top 10s

May 2019

April 2019

March 2019

February 2019

January 2019

December 2018

November 2018

October 2018

September 2018