In the tables below we present the allocation of model portfolios as voted by our investment committee in May 2022

COVID and the Ukraine/Russia conflict are being accused of the recent spike in global inflation. This debate cannot exclude equal blame for the previous years’ excessive money printing and debt creation. Inflation distorts asset prices and given the excessive amount of paper-wealth as opposed to real wealth, rotation from one to the other (for example, from technology stocks to commodities) has this year become a game of musical chairs

FOMC is expected to raise interest rates by half a percentage point at tomorrow’s meeting (the futures market implies this with 99.8% certainty)