"Risk-on"

Despite ongoing uncertainties in the wake of the Iran war, conditions are being set for higher risk-taking during the second half of 2026. Successful IPOs such as SpaceX and oil prices that have returned to pre-war levels are likely to boost investors’ appetite for risk. Our positive view is supported both by strong economic signals from Vinga’s macro indicator, ViGMa, and by our Credit Clock, which points towards increased late-cycle risktaking. We are therefore increasing our allocation to small-cap equities, reducing our exposure to large cap equities, and lowering bonds to an underweight position.

Market Outlook
✔️ High yield: Time to clip coupons
✔️ Equities: Adding to small-cap stocks
✔️ Interest rates: Moving back to an underweight position
✔️ Megatrends: Fantastic Q2 for AI!

Read the full Portfolio Strategy 2026Q3 from Vinga Asset Management: https://vingagroup.com/wp-cont...