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Tactical asset allocation in CONQUEST portfolios is discussed in this quarterly series. In this quarterly installment, we discuss how CONQUEST is adapting to rapid changes brought about by the outbreak of Covid-19.

An encouraging start to the year gave way to the unsettling reality of a global pandemic last month. In very short order, financial markets responded to extraordinary societal changes. Since February 19, global stock markets shed a record $25 trillion (30%) in a matter of days after Covid-19 became a pandemic. Bond markets and commodities also exhibited volatility and complicated movements. Not since 1987 have markets adjusted with such fury. The scale of the virus’ shock to the global economy is without precedent.