The Dynamic Allocation Strategy equity weighting declined to near benchmark.

The six top-level indicators are split between equities and fixed income.

U.S. Large-Caps, short-term Treasurys, cash, and U.S. Growth received the highest allocations. Click the link below to read more about the strategy’s positioning.

Full strategy commentary: NDRDAS202311021

Other posts

C8 Currency Compass – Closing the USD Structural Short – September 2025

BY JON WEBB
Indications that corporates and asset managers are overweight USD exposures has been a key theme for Currency Compass since the start of this year, with important implications for USD exposure.  As the chart below from the FT shows, a EUR investor would be underwater holding the S&P500 this year, with only small gains for a GBP-based investor.  Indeed, on the back of this, a well-known investor survey now has nearly 40% of fund managers looking to increase hedges against a weaker USD versus almost none worrying about a stronger USD.  This may be a sign that the USD is now oversold, however, we disagree given the structural USD overweight that built up over a number of years with a belief in US ‘exceptionalism’. Read more →

MI2 Partners Thoughts From The Divide: Friction

BY JON WEBB
If you’re wondering what the crashing sound is in the background, it’s the bull in the China shop discussed last week as the Trump Administration works up a full head of steam. Will it go through with 25% tariffs on the US’s neighbors? Is there going to be a giant sucking sound in some parts of the economy courtesy of a potential funding freeze on federal grants and loans? Will there be a squeeze in citrus prices due to missing workers in California? The age-old shoulder shrug of “time will tell” certainly applies, but some people aren’t taking the uncertainty sitting down. Read more →

C8 Currency Compass – March 2025 – ‘Trade Wars are Good and Easy to Win’ Pres Trump (2018)

BY JON WEBB
Our January switch to USD weakness has worked well.  The USD models are more neutral now.  US tariffs have had a mixed USD reaction to the various currencies.  The other country's response and context matters. Read more →
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