In August we made several changes to the ACUMEN Portfolios. In fixed income we took partial profit on short-dated US TIPs and sold the 3-to-7-year ‘belly-of-the-curve’ US Treasury ETF. We increased exposure to global government bonds and specifically the long-dated eurozone government bond ETF. In equities we sold our allocation to US industrials and initiated a new position in US healthcare stocks. We also increased our exposure to global ‘quality’ stocks which benefit from strong and stable earnings and tend to outperform during mid-cycle transitions. Within emerging markets, we sold our allocation to Brazil and replaced it with a broad-based ESG screened alternative. In commodities we took profit on our tactical exposure to copper. Finally, we reduced the size of our fx overlay, thereby increasing our US dollar position across the proposition.