Global Bank Equity Specialist, Creative Portfolios

Paul Hollingworth

Global Bank Equity Specialist

Creative Portfolios

Thematic (Sector/Industry)

Hungary Materials / Thematic (Sector/Industry)

We do not know where we are headed. Deflation is where we are currently but we may end up with stagflation further down the path.Gold and silver offer some insurance given deepening misgivings of the risk parity trade. Regency bias must be resisted. Can gold become a big component of a new risk parity trade? On the other side of the trade, I wouldn't have so much equity exposure but rather a "mix" of shares, other commodities, and volatility instruments. I would thus "adjust" the classical Artemis portfolio.This is not to say that buying UST is an exhausted trade just yet. If we are headed to negative interest rates in the US, there is some mileage left. "Japanification" has got hold of the EU and is spreading across systems globally.Where else to turn? There is a possibility of a FANG melt-up. If you don't buy that, there are always selective commodity producers which currently have NEVER been so under-owned and cheap. But that's value-investing and this may not be your bag.

We do not know where we are headed. Deflation is where we are currently but we may end up with stagflation further down the path.Gold and silver offer some insurance given deepening misgivings of the risk parity trade. Regency bias must be resisted. Can gold become a big component of a new risk parity trade? On the other side of the trade, I wouldn't have so much equity exposure but rather a "mix" of shares, other commodities, and volatility instruments. I would thus "adjust" the classical Artemis portfolio.This is not to say that buying UST is an exhausted trade just yet. If we are headed to negative interest rates in the US, there is some mileage left. "Japanification" has got hold of the EU and is spreading across systems globally.Where else to turn? There is a possibility of a FANG melt-up. If you don't buy that, there are always selective commodity producers which currently have NEVER been so under-owned and cheap. But that's value-investing and this may not be your bag.

Asset Allocation: Beef up Your Gold and Commodity Producer Holdings