Saxo Bank Asset Allocation for Sep; Still very long commodities [HEAT]

Saxo Bank's Asset Allocation Model has maintained an Outright Bullish stance. The Global Business Cycle Indicator consolidated a tad in August. The model still recommends an overall big position in equities and an even larger exposure to commodities.

Return for July was -2.69% in USD terms and 0.07% in EUR terms.

Allocation is still “Outright Bullish”:

45% Commodities

30% Equities

5% EM Equities

20% Short-dated government bonds

Saxo Asset Allocation – Outright Bullish Scenario (PDF)