Investment Clock

As at November 2024. Trail shows monthly readings based on global growth and inflation indicators. Yellow dot is the current reading.

Source: RLAM. For illustrative purposes only.

The Investment Clock is updated by the Multi Asset team on a regular basis. To find out more about the concept and premise behind the Investment Clock, visit our Multi Asset capability page.

Find out more about the Investment Clock

November 2024

No such thing as passive in multi asset

Our strategic asset mix aims to maximise growth for a given level of risk by diversifying across real assets, inflation hedges and more defensive fixed income and cash holdings. We seek to add value on a day to day basis through tactical asset allocation and active security selection.

Disinflationary trends may not last long

In our view, the pandemic ushered in a regime that will be characterised by periodic spikes in inflation and shorter boom-bust cycles. Stronger than expected US growth and trouble in the middle east could challenge the consensus view that inflation will drop quickly to target levels.

Strong fundamentals to support risk assets

Our Investment Clock is in the equity friendly Recovery quadrant and the technical backdrop is also supportive. With inflation having receded from recent highs, central banks are now cutting rates globally, which should provide a further boost to business confidence and company earnings. With the US election out of the way, we expect investor sentiment to recover from the current depressed levels, and we remain overweight equities.

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