全球-投资策略-全球资产配置：在黄金与石油中加入多头.pdfVIP

Global Cross-Asset Strategy 03 October 2019 Global Asset Allocation Add longs in Gold and Oil vol Strategy Global Cross-Asset Strategy We remain OW equities and modestly OW in commodities vs. UW bonds, but Nikolaos Panigirtzoglou AC maintain portfolio hedges via an UW in credit and OW in gold. These portfolio (44-20) 7134-7815 hedges along with our new long vol positions in Oil and Gold and our existing nikolaos.panigirtzoglou@ Euro STOXX 50 put and HSCEI forward skew structures as well as our Bloomberg JPMA FLOW GO predominantly defensive FX trades, are in our opinion sufficient to protect our J.P. Morgan Securities plc portfolio against growth or trade war risks. Within equities we upgrade Euro area Marko Kolanovic, PhD AC equities to OW from UW via tactically taking profit on our previous Japanese (1-212) 272-143 equity OW. We continue to favor Value vs. Low Vol and Momentum In the fixed marko.kolanovic@ income space, we hold a long duration exposure via USTs, OW in periphery vs. J.P. Morgan Securities LLC core countries in the Euro area and longs in cross-market carry. In the FX space, John Normand AC we retain defensive exposure via longs in safe havens such as the yen, Swiss franc (44-20) 7134-1816 and precious metals vs. risky currencies such as commodity currencies and EM. john.normand@ Within commodities we favor energy and preci