Key takeaways:
Increased International equities, decreased US equities.
Tactical Update - January 25, 2021
European markets have materially lagged US equities over the past year due to multiple reasons including index composition and Brexit uncertainties. This has resulted in Europe trading at a near record discount to the US. Given its cyclical nature, the Japanese market has performed well but continues to provide exposure to a rebounding global economy.
Moving closer to US and International equity market weights within the equity component of each portfolio allows for increased diversification and an expanded geographic opportunity set. It also allows an opportunity to diversify economic risk, as different regions will likely follow varying economic re-opening scenarios.
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February 2021
