Multi-manager  

Risk on/risk off will continue

The risk of dysfunctional politics on both sides of the Atlantic persists, and the lack of robust long-term plans/institutions to address fiscal leverage will be a headwind for some time. That said, as we stand, the combination of aggressive monetary policies, improved macroeconomic momentum and compelling relative valuations, tactically supports equity risk.

Toby Vaughan is senior fund manager and global multi-manager at Santander Asset Management UK

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