Global Asset Allocation: House Views June 2026 – Extra Time for the AI Trade

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Global Asset Allocation: House Views June 2026 – Extra Time for the AI Trade

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25 Jun 2026 23:19:24 ET │ 35 pages

Global Asset Allocation

House Views June 2026 – Extra Time for the AI Trade

CITI'S TAKE

Dirk Willer AC

Since our last monthly asset allocation, oil has collapsed to pre-war levels, +1-212-723-1016

and the FOMC has been surprisingly hawkish. This necessitates a change in dirk.willer@citi.com

our fixed income allocation. We stay neutral duration, but we now favor

Gilts, where oil was more important for the CB, over Japan and the US, Adam Pickett AC

where oil is less relevant (and the FOMC is more so). We also add long USD +44-20-7500-5777

risk, given these relative rates view. In equities, we hold the course, staying adam.pickett@citi.com

overweight the US and emerging Asia, because liquidity has not tightened

enough to burst the bubble, and because earnings revisions remain very Alex Saunders AC

strong, and our backtest suggests outperformance. We add a base metal +1-212-723-1058

overweight, given an improved business cycle outlook. We stay alexander.saunders@citi.com

underweight credit as a hedge and go long USD.

Giammarco Miani AC

In equities, we maintain overweight, keeping US and EM Asia — With earnings +44-20-7986-6316

revisions still strong, and liquidity plentiful, we believe that AI bubble can keep giving giammarco.miani@citi.com

and rotation into Europe on the back of lower oil prices will be relatively short lived. AC Charlie Massy-Collier

In sectors, we stay overweight tech and add industrials exposure — We stay long +44-20-7986-2692

tech and add industrials exposure into the earnings season as earnings revisions charlie.massycollier@citi.com

indices for these sectors are high, which typically suggests strong returns.