We have made no changes to our allocation since April 2008. The past month has seen some important improvements, most notably a tentative stabilisation of the US economy in line with our expectations.
As such we are closer to increasing our equity weight once again, but we are not there yet. We continue to recommend a regional overweight to EM within our overall neutral equity allocation.
Read more in our monthly TAA publication (May 2008) (PDF: 342kb. 4 pages)