Special report | Increasing our defensive positioning

Over the past week, developments in the US-China trade dispute have deteriorated materially. Today, we are adopting a more defensive stance in our portfolio positioning, moving underweight equities, reducing some of our underweight in high-grade government bonds, and increasing our defensive positioning in cash.

Over the past week, developments in the US-China trade dispute have deteriorated materially. Today, we are adopting a more defensive stance in our portfolio positioning, moving underweight equities, reducing some of our underweight in high-grade government bonds, and increasing our defensive positioning in cash.