Investment Conclusion
Maverick policies by the US will increasingly strain market optimism. The Wealth Preservation Portfolio (at the back) is 50% invested in safe haven assets.
It is negative on US$, US long term Treasuries and US equites. It is neutral on European equities, negative on EU sovereign debt and negative on the Euro. A long focus is Asia (ex-Japan) & Australia – both equities and currencies.
Defence stocks remain remian a favoured sector – particularly in Europe and Asia.
Long safe haven currencies include the RMB, AUD and SGD. Sovereign debt remains a short in EU (France), Japan (10yr JGB target yield of 2.8%) and the US (10 yr Treasury yield target of >6.0%)
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