Lindsay Rosner

There is a clear relative value opportunity between Emerging Markets and Europe. Europe is highly unattractive due to its sensitivity to energy shocks as a net importer. In contrast, certain emerging markets are better positioned, making a strategy of leaning into EM and out of Europe compelling.

The US banking sector has performed tremendously well and remains an overweight position in our portfolios. This suggests a continued positive outlook for the sector.

Investors should remain overweight equities and adopt a barbell strategy. The market structure has changed due to algorithmic trading and retail participation, making deep 'retests' after selloffs less likely. The optimal approach is to hold both technology stocks for growth and cyclical stocks to capture the broadening global recovery.