"Delayed recovery"

The global economic recovery encounters resistance and is being pushed forward with trend growth only early next year. Geopolitical turmoil in the Middle East and Trump's tariff policy continue to create uncertainty in the markets, but the bond market offers attractive yield levels. We therefore increase exposure to bonds while reducing equities and short-term rates.

Market Outlook
✔️ High yields: Increasing in European high yields
✔️ Equities: Going underweight in small caps
✔️ Interest rates: Adding emerging market bonds
✔️ Megatrends: Defence is the new 'tech'

Read the full Portfolio Strategy 2025Q3 from Vinga Asset Management here: https://vingagroup.com/en/port...