He favors crossover credit over US investment-grade credit because crossover is the sweet spot with inefficiencies in benchmark-relative fixed-income allocation and offers significant carry and high real yields in dollars.
China equities have significantly de-rated on investor concerns about business model monetization and negative economic surprises, but he expects policy support especially in the second half and sees this as a technically good strategic positioning opportunity.
He remains positive on global equities because broad global spending and investment themes are driving economic growth, though he keeps one eye on downside risk.