Fig 2. Importance of macroeconomic conditions to strategic and tactical asset allocation HS Importance to SAA @ Importance to TAA
Low interest rates
US election
Commodity prices
Brexit, EU break
Stock market volatility
Terrorism
War in Syria
Emerging market
Climate change
Chinese volatility
Sample is based on sovereign investors and excludes central banks. SAA=Strategic Asset Allocation. TAA= Tactical Asset Allocation. Sample=20.
Fig 3. Past year returns and target returns (% AUM) Mi Past year returns M@ Target returns
Sovereign sample Investment sovereig ns Liability sovereigns Liquidity sovereigns
Development sovereigns
Sample is based on sovereign investors and excludes central banks. Sample size shown in grey. Data is not weighted by AUM. 07
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