Highlights from the latest SEB House View
The committee keeps the risk utilisation at 60 per cent.
Risk utilisation: House View committee voted to stay at 60 per cent in risk utilisation although the overall tone was more bullish vs previous meeting in October.
Constructive view on the global economy: continued policy support from fiscal/monetary policies.
The regional tilt: The regional equity allocation remains tilted towards international diversification despite playing down current risk for an US-led AI bubble. We choose to upgrade Japan and Emerging Markets and we lowered Nordics back to neutral although we hold a positive outlook for Swedish equities based on cyclical upswing.
We increase cyclical exposure by moving EU Construction to overweight, raising Industrials to neutral, and moving Materials to overweight and downgrading Consumer Staples. In addition, we downgrade Health Care (keeping a small overweight) and maintain a neutral stance on IT.
We raise Emerging Markets Debt to neutral and lower Govt Bonds to underweight. We expect a weaker USD still.
