Equity markets have shown a surprising post-Brexit bounce. Even more noteworthy has been the stronger performance in global real estate.
We have added risk in our tactical asset allocation. In addition to extending our equities overweight position from small to medium, we upgraded real estate from neutral to a small overweight. Market dynamics such as sentiment, price momentum and flow dynamics have improved for both asset classes. Real estate, in particular, is a beneficiary of the search for yield in the current low-growth, low-yield environment, and has outpaced global equities’ gains this year by a wide margin. Fundamental support from stronger labour and housing markets is still in place, and renewed institutional inflows in the asset class are evident in all regions.
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