It feels like the world is in chaos, yet it continues to move forward. It is clear that the market is becoming more broadly supported at the sector level, making balanced sector allocation a sensible strategy. Additionally, falling interest rates are currently supporting all asset classes. Regarding the US elections, we see a potential Trump administration having a short-term positive impact on stock markets. In our strategic asset allocation, we continue to prefer equities but position ourselves more defensively in terms of sector mix. We are selectively buying high-quality corporate bonds. We continue to hold gold as a last resort, not least to provide some protection against extreme events.
