At the start of 2019 there were three main reasons to be bearish.
Firstly, there was a risk that the US Federal Reserve was not adjusting its interest rate policy to reflect increasing signs of slowing growth in Europe and China. 'This goes further than most of us...
Equities overweight down to 3%
Relates to 136 million transaction reports
Patience must be a watchword
MSCI has recently increased the Chinese A-share market's inclusion factor from 5% to 20%.
Change of objective