Société de recherche indépendante en macro-économie et stratégie d’investissement

We have been overweighting the Japanese market (strategic allocation) since October 2018, which turned out to be a little early (its performance is virtually unchanged since). Nevertheless, this strategy has clearly been appropriate since mid-July 2019, as the Nikkei has outperformed the MSCI World by 5% since then (see chart infra)...