As we approach the midpoint of 2016, the word "balanced" seems to be an appropriate way to describe a number of challenges facing investors. The June issue examines the following key points in detail:
• Macroeconomic conditions are generally favourable and our investment scenario is unchanged.
• Our positioning remains defensive with an underweight allocation to equities, mainly due to limited scope for earnings growth.
• June will be eventful, most notably because of the Brexit vote in the UK.
• The US dollar is playing a central role in the direction of asset prices, especially for commodities and emerging markets equities.
A new edition of "INVESTMENT STRATEGY" can be found every month on our website.