Global Portfolio Strategy

The Strategic and Tactical Asset Allocation Committee downgraded its view of emerging market equities from neutral to negative.

The STAAC Committee maintains its overweight equities recommendation relative to bonds for August based on the belief that near-term recession fears may be overdone.

The Strategic and Tactical Asset Allocation Committee (STAAC) changed its recommended asset allocation for July, shifting from core bonds to small cap equities.

The Strategic and Tactical Asset Allocation Committee (STAAC) made only minor asset allocation changes for June, including shifting from communication services to energy, which translated into a modest value tilt.

The Strategic and Tactical Asset Allocation Committee (STAAC) continues to recommend a slight overweight to equities versus bonds.