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Unloved bonds

Dec 07, 2022

November’s AAII survey gives us some insight in the positioning of US retail investors. 2 points raise our interest. Firstly, the allocation to stocks in retail portfolios is still far higher than the trough levels seen in previous bear markets. US retail investors have not thrown the towel on equities. Secondly, bonds remain an unloved asset class representing less than 14% of their overall asset allocation. One more reason for us to believe that ( short term ) bonds could become the contrarian call of 2023 in the current monetary policy environment.

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