Drew Rydell

Locally we expected more muted returns from cash and bonds and are being cautious with duration. While not moving meaningfully underweight bonds and cash, we do prefer equities as an asset class. Globally, equities remain our preferred asset class. We are cautious US equities and prefer a geographically diversified revenue profile. We are also considering our emerging markets exposure and may increase this. We remain style agnostic as we prefer a style blend over the long term to lower volatility and do not plan to time investment styles.

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