Matt Toms, CFA, CIO, Fixed Income
We've held short duration much of the year to buffer gradually rising rates, and are staying short into year-end. We are tactically increasing investment-grade and high-yield corporate credit risk. We remain positive on securitized assets, preferring CLOs and CMBS, and are slightly overweight select emerging markets.
Barbara Reinhard, CFA, Head of Asset Allocation
We think policy will drive markets going forward, and focus on assets that are geared to growth. Global equities look most attractive under current conditions. We maintain our emerging market and U.S. small-cap positions, and continue to rotate our equity position toward Japan.