Strategic macro views

as of: 23-03-2026 | plan for: 1Q26 | EU cycle phase: maturity | US cycle phase: maturity

Strong Overweight
Overweight
EQUITY: REGION
Nasdaq 100
Nikkei 225
MSCI EM
EQUITY: STYLE
US Quality
EU Low Vol
EQUITY: SECTOR
EU Defensives
FIXED INCOME
US Govies 7-10Y
Neutral
EQUITY: REGION
S&P 500
Euro Stoxx 50
Ibex 35
FTSE | MIB
World Value
EQUITY: SECTOR
US Cyclicals
EU Cyclicals
COMMODITIES
Gold
FIXED INCOME
EU Govies 7-10Y
EU Govies 1-3Y
US Govies 1-3Y
Underweight
EQUITY: STYLE
US Low Vol
US Small Caps
EU Value
EU Small Caps
EQUITY: SECTOR
US Defensives
Strong Underweight