FYI: For years, Jim McDonald has stuck to a bullish stance on financial assets, holding fast through market routs such as the one in February.
Now, amid a less severe sell-off that may well be over, the chief investment strategist at Northern Trust saw a catalyst to go defensive -- a more hawkish Federal Reserve. This month, the $1 trillion manager cut equity holdings in the U.S. and emerging markets, shifting the money to investment-grade bonds.
Regards,
Ted
