Wealth Protction Portfolio - Update
There is no change in my pessimistic view of the current rally in risk assets. The only change in the WPP this week is to add some risk diversification in the form of Hong Kong equities (the Tracker) – see: Doing an Odd Thing...In Hong Kong! 05.21.2025 .
The WPP major positions are ( Red denotes an asset change):
- Overweight safe haven assets: EUR & Yen cash and gold •
- Short US assets and the US$. •
- Currencies & Long Yen, Euro & Gold •
- Equities: Globally underweight/short equities by being short US equities. Long Japanese & EU equities (focus Germany). Long HK equities (Tracker) •
- Bonds: long 2 yr Bunds; Short US Treasuries (30 yrs); Neutral JGB’s. •
- EM’s: long Indian & Chinese equities. Neutral RMB. No EM debt.