Click the asset class category dropdown to see the dispersion of sub-asset class views. Hover over the bars to see fund managers associated with those calls. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Click the asset class category dropdown to see the dispersion of sub-asset class views. Hover over the bars to see fund managers associated with those calls. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Click the asset class category dropdown to see the dispersion of sub-asset class views. Hover over the bars to see fund managers associated with those calls. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Click the asset class category dropdown to see the dispersion of sub-asset class views. Hover over the bars to see fund managers associated with those calls. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Click the asset class category dropdown to see the dispersion of sub-asset class views. Hover over the bars to see fund managers associated with those calls. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Drill down into individual fund manager calls. Select the asset class category and click into each box to reveal the underlying Outlook source. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Drill down into individual fund manager calls. Select the asset class category and click into each box to reveal the underlying Outlook source. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Drill down into individual fund manager calls. Select the asset class category and click into each box to reveal the underlying Outlook source. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Drill down into individual fund manager calls. Select the asset class category and click into each box to reveal the underlying Outlook source. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
Drill down into individual fund manager calls. Select the asset class category and click into each box to reveal the underlying Outlook source. Get in touch to gain access to the full 2026 dataset - including quarterly data updates (Q2 2026).
We calculate the 'Bull/Bear Score' using a proprietary proportional weighting methodology that factors in the weight of sentiment and proportionality. This is normalised across time periods for ease of comparison. Get in touch to unlock the full Q2 2026 dataset.
Source: Markets Recon, various asset manager outlooks. Data correct as of 23 July 2026. This chart is for illustrative purposes only and does not constitute investment advice. Indicative illustrations should not be seen as portfolio construction recommendations as you may be putting capital at risk.
Fund managers' most bullish asset class calls.
Fund managers' most bullish asset class calls.
Fund managers' most bullish asset class calls.
Fund managers' most bullish asset class calls.
Fund managers' most bearish asset class calls.
Fund managers' most bearish asset class calls.
Fund managers' most bearish asset class calls.
Fund managers' most bearish asset class calls.
| 50/25/25 EW | 50/25/25 SW | 60/20/20 EW | 60/20/20 SW | 80/20 EW | 80/20 SW | 60/40 EW | 60/40 SW | 60/40 benchmark | |
|---|---|---|---|---|---|---|---|---|---|
| Period Return | 21.92% | 22.68% | 21.47% | 21.85% | 23.67% | 24.00% | 15.30% | 14.27% | 13.62% |
| Excess Return | +8.29% | +9.06% | +7.85% | +8.22% | +10.05% | +10.38% | +1.68% | +0.65% | - |
| Annualised Volatility | 10.28% | 10.60% | 11.00% | 11.30% | 13.48% | 13.85% | 9.23% | 9.42% | 10.12% |
| Sharpe Ratio | 1.27 | 1.28 | 1.15 | 1.15 | 1.06 | 1.05 | 0.86 | 0.76 | - |
| Beta (vs 60/40) | 0.89 | 0.92 | 0.97 | 1.00 | 1.20 | 1.24 | 0.82 | 0.85 | 1.00 |
| Correlation | 0.88 | 0.88 | 0.89 | 0.90 | 0.90 | 0.91 | 0.90 | 0.91 | 1.00 |
| Jensen's Alpha (ann.) | +7.06% | +7.46% | +6.20% | +6.28% | +6.34% | +6.30% | +2.48% | +1.51% | - |
| Maximum Drawdown | -9.36% | -9.88% | -10.25% | -10.75% | -12.89% | -13.49% | -8.74% | -9.02% | -9.72% |
| Beta-Adjusted Return | 24.51% | 24.62% | 22.10% | 21.78% | 19.71% | 19.28% | 18.63% | 16.83% | 13.62% |
| Beta-Neutral Return | 23.97% | 24.24% | 21.96% | 21.79% | 20.53% | 20.25% | 17.49% | 15.87% | 13.62% |
| Residual Alpha | +9.20% | +9.73% | +8.09% | +8.20% | +8.32% | +8.28% | +3.21% | +1.95% | - |
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