--- title: Empire Life Blog Emblem Portfolios in action - Asset Allocation Update, July 22, 2019 description: Check out the latest asset allocation update for Empire Life Emblem Portfolios image: https://blog.empirelife.ca/hubfs/Blog_images/INV-Blog-images/GettyImages-499476026.jpg --- × #### Subscribe ### Subscribe to Email Updates Signing up for our Blog offers you the opportunity to subscribe and receive email notifications for Investment or Insurance type content only from The Empire Life Insurance Company and Empire Life Investments Inc. You may cancel your subscription to the newsletter at any time by clicking on [unsubscribe](http://www.fastandfull.ca/hs/manage-preferences/unsubscribe-simple) or, by contacting The Empire Life Insurance Company or, Empire Life Investments Inc. **The Empire Life Insurance Company** 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll Free: 1 800 561-1268 Email: insurance@empire.ca or investment@empire.ca **Empire Life Investments Inc.** c/o 259 King Street East, Kingston, Ontario K7L 3A8, Canada Toll-free telephone: 1 855 823-6883 Email: mutualfund@empire.ca Close [Facebook](https://www.facebook.com/Empire-Life-Insurance-142465432433812/) [Linkedin](https://www.linkedin.com/company/empire-life-investments) [Twitter](https://twitter.com/empirelifeins) Subscribe [EN](https://www.empire.ca/blog) | [FR](https://empire.ca/fr/blogue) [![Empire Life | Empire Life Investments](https://blog.empirelife.ca/hubfs/Logo/Combined%20Blog%20Images/combined-logo.png)](https://www.empire.ca/blog) # Insurance, Investments and Group Benefits ## Navigate life with confidenceTM - Insurance - [Insurance](https://www.empire.ca/blog/topic/insurance) - [Helpful Tips](https://www.empire.ca/blog/topic/helpful-tips) - [Customer Service](https://www.empire.ca/blog/topic/customer-service) - Investments - [Investments](https://www.empire.ca/blog/topic/investments) - [Investment Views](https://www.empire.ca/blog/topic/investment-views) - [Off the Cuff](https://www.empire.ca/blog/topic/off-the-cuff) - [Group Benefits(1)](https://www.empire.ca/blog/topic/group-benefits) - [Personal Finance (1)](https://www.empire.ca/blog/topic/personal-finance) ## [Emblem Portfolios in action - Asset Allocation Update, July 22, 2019](https://blog.empirelife.ca/blog/emblem-portfolios-in-action-july-2019) [Investments](https://blog.empirelife.ca/blog/topic/investments) Posted by [Empire Life Investments](https://blog.empirelife.ca/blog/author/empire-life-investments) Jul 29, 2019 9:33:31 AM Empire Life Investments Placements Empire Vie ![Emblem Portfolios in action - Tactical Update July 2019](https://blog.empirelife.ca/hs-fs/hubfs/Blog_images/INV-Blog-images/GettyImages-499476026.jpg?width=2120&name=GettyImages-499476026.jpg) Key takeaways: **Emblem Portfolios - Canadian:** Tactically reduced cash, increased bonds [![download-blue](https://blog.empirelife.ca/hs-fs/hubfs/Han%20Solo/download-blue.png?width=20&name=download-blue.png) Tactical Update - July 22, 2019](https://blog.empirelife.ca/hubfs/Investment_Marketing/Asset_Allocation_Updates/INV-2136-EmblemPortfolio-AssetAllocationUpdate-July2019_EN-web.pdf) Events have moved very quickly in bond markets. In the span of about seven months, the U.S. Federal Reserve (the “Fed”) has gone from increasing interest rates, to holding interest rates steady, and now market expectations are for multiple rate reductions over the remainder of the year. Looking back to 2018, the Fed and the Bank of Canada raised rates multiple times under the backdrop of strong economic growth. By October, expectations were that Fed hiking cycle would continue into 2019, with the market expecting three more hikes in 2019. In January of this year, in light of slowing global growth and muted inflation, the Fed began to shift its policy stance from hiking mode to pause mode citing the need to be patient. As the year progressed, downside risks surrounding trade tensions and global growth increased. In June, the Fed announced they would be open to additional rate cuts to sustain growth. The market is now pricing-in at least 75 basis points of interest rate cuts by the end of the year. The market also expects the European Central Bank to cut interest rates to combat risks of not meeting their inflation targets. This leaves the Bank of Canada as an outlier; overall market expectations are for policy interest rates to hold at current levels to the end of 2019. However, the resulting rise in the Canadian dollar and its negative effect on trade may push the Bank of Canada to join the other central banks in lowering interest rates. With this rapid shift in sentiment, the Emblem Portfolios tactically deployed a portion of its cash holdings into bonds (as detailed in the following charts).   [![Empire Life Emblem Portfolios: Asset Allocation Update July 22, 2019](https://blog.empirelife.ca/hs-fs/hubfs/Blog_images/INV-Blog-images/INV-2136-EmblemPortfolio-AssetAllocationUpdate-July2019_EN-web-2.png?width=2362&name=INV-2136-EmblemPortfolio-AssetAllocationUpdate-July2019_EN-web-2.png)](https://blog.empirelife.ca/hubfs/Investment_Marketing/Asset_Allocation_Updates/INV-2136-EmblemPortfolio-AssetAllocationUpdate-July2019_EN-web.pdf) \*change in asset mix from July 18, 2019 to July 22, 2019   --- Empire Life Investments Inc. is the Portfolio Manager of the Empire Life segregated funds. Empire Life Investments Inc. is a wholly-owned subsidiary of The Empire Life Insurance Company. Empire Life Emblem GIF Portfolios currently invest primarily in units of Empire Life Mutual Funds. A description of the key features of the individual variable insurance contract is contained in the Information Folder for the product being considered. **Any amount that is allocated to a Segregated Fund is invested at the risk of the contract owner and may increase or decrease in value.** Policies are issued by The Empire Life Insurance Company. Empire Life Investments Inc. is the Manager of the Empire Life Emblem Portfolios and Empire Life Mutual Funds (the “Portfolios” or “Funds”). The units of the Portfolios and Funds are available only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such units. This document includes forward-looking information that is based on the opinions and views of Empire Life Investments Inc. as of the date stated and is subject to change without notice. This information should not be considered a recommendation to buy or sell nor should they be relied upon as investment, tax or legal advice. Information contained in this report has been obtained from third party sources believed to be reliable, but accuracy cannot be guaranteed. Empire Life Investments Inc. and its affiliates does not warrant or make any representations regarding the use or the results of the information contained herein in terms of its correctness, accuracy, timeliness, reliability, or otherwise, and does not accept any responsibility for any loss or damage that results from its use. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. 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