Asset Allocation: May 2026 Investment Ideas
The May Outlook identifies a risk-on regime with persistent inflation and no near-term room for monetary easing: a context in which growth holds but the cost of money does not come down. The common thread running through this month’s tactical positions reflects exactly that reading — confirmed overweight in US equities, a systematic reduction in nominal government bonds across all strategies that hold them, and an underweight in precious metals given the pressure that elevated real yields exert on non-yielding assets.
All three strategies remain at a NEUTRAL portfolio signal: the system is not pushing for aggressive rebalancing in an environment where signal deviations are wide but portfolio-level confidence stays moderate.
1 The three strategies Strategy A Capital Preservation Profile: conservative / decumulation Horizon: 3–5 years Target: CPI +1.0/1.5% real Philosophy: predominantly short-duration bonds, no HY or crypto, structurally high cash Benchmark: CPI +1.5% Strategy B Balanced Growth Profile: accumulation, mod
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