Strategic macro views
as of: 07-05-2026 | plan for: 2Q26 | EU cycle phase: maturity | US cycle phase: peak
Strong Overweight
EQUITY: STYLE
US Quality
EQUITY: SECTOR
US Cyclicals
Overweight
EQUITY: REGION
S&P 500
Nasdaq 100
Nikkei 225
MSCI EM
EQUITY: STYLE
EU Low Vol
EQUITY: SECTOR
EU Defensives
Neutral
EQUITY: REGION
Euro Stoxx 50
Ibex 35
FTSE | MIB
EQUITY: SECTOR
EU Cyclicals
COMMODITIES
Gold
Underweight
EQUITY: REGION
World Value
EQUITY: STYLE
US Low Vol
EU Value
EU Small Caps
EQUITY: SECTOR
US Defensives
FIXED INCOME
EU Govies 7-10Y
EU Govies 1-3Y
US Govies 1-3Y
Strong Underweight
EQUITY: STYLE
US Small Caps
FIXED INCOME
US Govies 7-10Y