On Balance:
The Asset Mix Committee

Decision by Committee (April 10, 2025)

• The AMC has trimmed the global equity weight in favour of fixed income
• US economic policy uncertainty is impacting and driving the consensus outlook, directly through tariff pressure, and indirectly, through delayed spending and investment decisions for business and consumers alike, stoking volatility across asset classes
• In the opinion of the AMC, the fluid situation described above supported adopting a bias toward quality-focused equity strategies while modestly adjusting allocations on the margin to derisk model portfolios and, as a result, (without reducing US exposure) led them to add a lower beta, more value-oriented mandate
• The AMC believes fixed income market pricing currently anticipates a proactive and aggressive monetary policy response rather than central banks reacting to weakness, which led the AMC to focus on the mid-term portion of the yield curve and adding high-quality credit, where wider spreads offered more compelling valuations

Asset Mix Committee Summary Views²

Asset Class Returns

Growth Asset Allocation

Conservative Asset Allocation

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¹ Guardian’s Asset Mix Committee (AMC) consists of investment professionals and asset class specialists, and is charged with overseeing the development and management of multi-asset investment portfolios, specifically addressing asset allocation and areas for advice or communication to such clients as it relates to the makeup of their portfolio.
² These Asset Allocations represent the Asset Mix Committee’s tactical views given their assessment of market conditions and performance expectations.
³ Benchmark=portfolio strategic asset allocation.
⁴ Figures may not add up due to rounding.

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Published: May 1, 2025