Thought Leadership

Well over half of US advisors poised to boost allocations to global macro strategies

17 August 2023

Respondents cited diversification, ability to invest opportunistically.

More than half of US registered investment advisors and wealth managers responding to a survey by Fulcrum Asset Management plan to boost client allocations to global macro over the next 12 months. In addition to the 56% who said they plan to increase global macro allocations or begin allocating to the strategy in the coming year, a further 12% said they were considering doing so.¹

Survey participants cited global macro’s diversification benefits and ability to take quick advantage of macro events among the chief advantages of the strategy, with two-thirds indicating that macro has become more relevant in the context of greater market volatility in recent years.

That’s not to say, however, that all fans of global macro are bearish: four out of five of the respondents who indicated they are optimistic about the investment outlook going forward still said they believe the strategy will be more relevant to their portfolios in the coming year. That may be a response to the down year for both equities and bonds in 2022, as nearly three quarters of the respondents who said global macro was more relevant said it was due to the risks of an all stock and bond portfolio that were exposed last year.

“With the reemergence of volatility and the disappointing returns of the traditional 60/40 [equities/bonds] portfolio last year, there is palpable excitement around macro investment among professional investors in the U.S. right now,” said Paul Seaton, head of North America for Fulcrum. “Our U.S. team is actively engaged with advisors who are coming to appreciate the role of global macro as a portfolio diversifier.”

Respondents were asked to name three factors they expect to drive asset markets over the next year and 36% included inflation, 28% recession and 27% climate/Environmental, Social, Governance (ESG) factors.  Among the tail risks weighing on investors’ minds, they cited political gridlock in the US, the potential emergence of a more severe Covid variant and possible escalation of Russia’s war on Ukraine or a similar geopolitical crisis as the top three.


About the Author

  1. Findings were based on a survey from independent research consultancy, Censuswide, conducted between May 30 and June 6, with a sample of 205 Professional Investors (breakdown: 105 respondents in the UK and 100 respondents in the US). Censuswide is a member of European Society for Opinion and Market Research (ESOMAR) and complies with the Market Research Society (MRS) code of conduct based on ESOMAR principles.

This content is provided for informational purposes and is directed at professional clients as defined in Directive 2011/61/EU (AIFMD) and Directive 2014/65/EU (MiFID II) Annex II Section I or Section II or an investor with an equivalent status as defined by your local jurisdiction.  Fulcrum Asset Management LLP (“Fulcrum”) does not produce independent Investment Research and any content disseminated is not prepared in accordance with legal requirements designed to promote the independence of investment research and as such should be deemed as marketing communications.  This document is also considered to be a minor non-monetary (‘MNMB’) benefit under Directive 2014/65/EU on Markets in Financial Instruments Directive (‘MiFID II’) which transposed into UK domestic law under the Financial Services and Markets Act 2000 (as amended). Fulcrum defines MNMBs as documentation relating to a financial instrument or an investment service which is generic in nature and may be simultaneously made available to any investment firm wishing to receive it or to the general public. The following information may have been disseminated in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service provided by Fulcrum.Any views and opinions expressed are for informational and/or similarly educational purposes only and are a reflection of the author’s best judgment, based upon information available at the time obtained from sources believed to be reliable and providing information in good faith, but no responsibility is accepted for any errors or omissions. Charts and graphs provided herein are for illustrative purposes only. The information contained herein is only as current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Some of the statements may be forward-looking statements or statements of future expectations based on the currently available information. Accordingly, such statements are subject to risks and uncertainties. For example, factors such as the development of macroeconomic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. In no case whatsoever will Fulcrum be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. Reproduction of this material in whole or in part is strictly prohibited without prior written permission of Fulcrum Copyright © Fulcrum Asset Management LLP 2024. All rights reserved.

FC245 17082023

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