Key Takeaway: Model exposure to global equities has dipped as bonds improve. Outside of Large-Cap Value, US equities are still the global laggard and remain an underweight.
More Context:
The long-term trend for the Bloomberg Aggregate US Bond index turned higher last week for the first time since mid-2021.
While both our bond and global equity benchmarks are now in up-trends, the relative trend still favors stocks over bonds.
The ACWI trend has now risen for six weeks in a row after the index exited its most sustained downtrend in over a decade.
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