MC Bolero Global Allocation Fund – Global Investment strategy update – 24/02/2016

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• In line with our expectations highlighted in our 17th February edition, markets enjoyed broad based gains last week.

• The global macroeconomic backdrop however is not encouraging. Signs are increasing the US will fall into recession in the next 6 to 12 months. Disappointing euro zone PMI data is adding to doubt the region can withstand a global economic slowdown.

• We pare back our net allocation to equities to 25% from 50% by downgrading Europe and Japan to Underweight from Overweight. We also increase the Underweight in US equities.

Global Investment Strategy 24.02.16

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