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While volatility is here to stay, so far it is confined largely to equity markets. Credit spreads have widened but less than in previous equity sell-offs; this indicates that widening is not a fundamental concern and reaffirms our cautious but not bearish view.
We've held short duration much of the year to buffer gradually rising rates, and are staying short into year-end. We are tactically increasing investment-grade and high-yield corporate credit risk. We remain positive on securitized assets, preferring CLOs and CMBS, and are slightly overweight select emerging markets.
The global economy looks healthy yet uncertainty persists: geopolitical risk from North Korea, tax reform in Washington, naming a successor to Federal Reserve chair Janet Yellen and the European Central Bank's rollback of QE. We view these uncertainties as reasons to pull back risk despite strong market fundamentals.