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US investor allocation to equity bounced back from March’s dip to levels close to its long term average while cash positioning remained elevated. We continue to advise investors to avoid sitting on the sidelines and re-risk portfolios toward their strategic asset allocation. However, with COVID-19 uncertainty persisting, we emphasize a slow and steady return to target weights as the best approach to avoid swings in portfolio volatility.
Source: Haver, Datastream, and Goldman Sachs Global Investment Research.
The consequences of COVID-19 will not be equally distributed. Our forecast is for the sudden deceleration in economic activity to be most acute in the second quarter, followed by a resurgence in growth.
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