Tactical views
refreshed 07-05-2026 (close-of-business) | valid 24h | arrows indicate momentum | views feed into the ADAPT portfolioSizing & Calibration
Strong OW | Full exposure
EQUITY: REGION
Nikkei 225
MSCI EM
World Value
COMMODITIES
Oil
CRYPTO
Bitcoin
Ethereum
OW | Increase
EQUITY: REGION
S&P 500
Nasdaq 100
COMMODITIES
Gold
Commodity basket
Neutral | Base weight
EQUITY: STYLE
US Quality
US Small Caps
EU Small Caps
EQUITY: SECTOR
US Cyclicals
EU Cyclicals
CASH PROXIES
US cash 0-1Y
FX
YEN
UW | Reduce
EQUITY: STYLE
EU Low Vol
FIXED INCOME
EU Govies 7-10Y
EU Govies 1-3Y
US Govies 1-3Y
FX
USD
Strong UW | Minimum risk
EQUITY: REGION
Euro Stoxx 50
Ibex 35
FTSE | MIB
EQUITY: STYLE
US Low Vol
EU Value
EQUITY: SECTOR
US Defensives
EU Defensives
FIXED INCOME
US Govies 7-10Y
CASH PROXIES
EU cash 0-1Y