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asset allocation

Global Asset Allocation Update: No Upside To Credit

By |2019-10-23T15:07:33-04:00August 18th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50. There are other changes to the portfolio though so please read on. As I write this the stock market is in the process of taking a dive (well if 1.4% is a "dive") and [...]

Global Asset Allocation Update: Not Yet

By |2019-10-23T15:07:34-04:00July 17th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50. There are no changes to the portfolio this month. Growth and inflation expectations rose somewhat since last month's update. The change is minor though and within the range of what we've seen in recent [...]

Global Asset Allocation Update

By |2019-10-23T15:07:35-04:00May 18th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50. There are, however, changes within the asset classes. We are reducing the equity allocation and raising the allocation to REITs.  Based on the bond markets there has been little change in the growth and [...]

Global Asset Allocation Update

By |2019-10-23T15:07:36-04:00April 18th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Stocks|

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50.  The performance of markets in the first quarter of the year was a bit schizophrenic. Stocks performed well which one might interpret as a reflection of improving economic growth prospects. Certainly President Trump and [...]

Global Asset Allocation Update

By |2019-10-23T15:11:43-04:00March 15th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50.  The Fed spent the last month forward guiding the market to the rate hike they implemented today. Interest rates, real and nominal, moved up in anticipation of a more aggressive Fed rate hiking cycle. [...]

Global Asset Allocation Update

By |2019-10-23T15:11:44-04:00February 12th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks, Taxes/Fiscal Policy|

There hasn't been a lot of change in our indicators since the last update and therefore, despite my discomfort with the altitude of this stock market, there are no changes to the Global Asset Allocation this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50.  Bond markets moved around some during the [...]

Global Asset Allocation Update

By |2019-10-23T15:11:45-04:00January 10th, 2017|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

Market based expectations for growth and inflation have moderated slightly since the last update. Since mid-December, interest rates - nominal and real - have fallen back, the yield curve has flattened, the dollar index has pulled back from its highs and gold has moved off its lows. In short, the Trump trade is being partially reversed as it dawns on investors [...]

Global Asset Allocation Update

By |2019-10-23T15:11:46-04:00December 2nd, 2016|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

Markets have moved sharply over the last month, mostly in the post-election period. Stocks are up - small caps exuberantly so - the dollar is up, bonds and gold are down. Surprisingly though, our indicators did not move all that much. The direction of change in the indicators is consistent with the moves in assets but not the magnitude. The [...]

Global Asset Allocation Update

By |2019-10-23T15:11:46-04:00October 31st, 2016|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

As with last month, I delayed this update a few days to see if we might gain some clarity that would warrant some change in our allocation. Alas, no such clarity has emerged and so, as it has been since August, the risk budget remains unchanged this month. Indeed, as last month, the entire portfolio is unchanged. For the moderate [...]

Global Asset Allocation Update

By |2019-10-23T15:11:47-04:00September 25th, 2016|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

I've put off this update as long as I can now, waiting for some clarity, a change in our indicators that might suggest a change to the portfolio. Alas, despite a Fed meeting, a BOJ meeting and a plethora of economic data nothing has moved sufficiently to warrant a change. The risk budget is unchanged this month as is the [...]

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