Table of contents
Lower growth, more uncertainty and cheaper risky assets 3
A poor four months for our asset allocation  3
Lower growth, more uncertainty and cheaper risky assets 3
Our current view: On balance we favor risky assets 4
Equities: Overweight on attractive risk-reward  6
Themes and basket implementations  9
Our sector views  9
Commodities: Maintaining our constructive outlook, but risks  have increased 12
Corporate Credit: Solid fundamentals, but sizable tail risks 16
FX: Dollar weakness and fiscal policy to drive FX markets 24