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Portfolio Construction Pulse: Cash Moves as Uncertainty Fades


For much of 2023, many financial professionals focused on the potential for recession and adopted more defensive postures in client portfolios. As signs of a soft landing began to emerge later in the year, however, we observed a steady decline in overall portfolio risk, and client conversations shifted toward redeploying cash. As shown in the latest edition of Portfolio Construction Pulse, value-oriented equities gained traction in both the U.S. and international, while duration and credit quality were points of emphasis on the fixed income side. With modest growth expected in 2024 and the ongoing potential for market volatility, a balanced approach may be appropriate as the economy and markets gradually emerge from uncertainty. 

John Escario, T. Rowe Price 


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