We maintain an underweight position in equities, especially in the US due to valuations. Our position in Japanese equities has been downgraded to neutral.
Regarding Government bonds, our position is unchanged, maintaining an underweight stance. However, our position in Corporate bonds has been downgraded by one notch, except for US High Yield where we remain underweight.
We have raised further our overweight position in Commodities overall. We remain overweight in Oil and neutral in Gold.
Finally, we hold an increased position in Cash.