SEB's House View

SEB Asset Allocation and Research is the team behind SEB House View and who decides on the asset allocation view of SEB Asset Management.

SEB Asset Allocation and Research decides on how much the fund company recommends to allocate to the different asset classes such as for example equities and government bonds. The House View risk utilisation and model portfolio is implemented in the Asset Management multi asset portfolios.

The speedometer controls risk budgets

The speedometer represents the team’s market view and controls to what extent the portfolios should utilise their risk budgets. It is connected to the model portfolio shown in the, House View presentation, which at all times utilises its risk budget in-line with the speedometer. In a very general sense it can be interpreted as equities on or off, with 50% being neutral.

Highlights from the latest SEB House View

The House View team maintains a pro-risk stance with 65% risk utilisation, favouring equities over bonds despite high valuations.

The post-election rally for US equities, driven by optimism around potential tax cuts and deregulation, supports this view, along with declining volatility and favourable seasonal variations.
The European and Chinese markets face tariff-related pressures, but US growth remains strong, with limited recession risk.
The House View team slightly increased exposure to US equities, citing stronger economic performance, but reduced allocation to Europe, the Nordics, and emerging markets due to growth and geopolitical risks.
At the sector level, the financial sector is overweighted for expected benefits from deregulation, while healthcare is downgraded to neutral due to political concerns.

SEB House View March 2025