From pain to gain - Portfolio perspectives for turbulent times

There were few places to hide during the first half of 2022. But in the wake of the repricing of many public asset classes, we see opportunities to shift “from pain to gain” as we enter the second half. Our portfolio construction themes focus on ways to combat inflation and on areas of the market that have stabilized given the scope of central bank action that has already been priced in — with a particular emphasis on fixed income.