A potential downshift in the pace of rate increases and China’s reopening hopes have ignited a market rally in November. While the risk-on sentiment may continue in the near term, we retain our defensive stance in asset allocation as recession and earnings risks remain under-priced.

We continue to maintain a cash buffer to mitigate the downside risks and see better risk reward for fixed income relative to equities.

View the full December 2022 Research Report, please click here.

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