We have downgraded equities this month and upgraded government bonds and gold. Here's why. : We expect equities to deliver a small positive return over cash, given our view that a slowing macro environment may offer only modest support for equity markets. We upgraded from neutral to positive this month off the back of positive momentum within the asset class. We remain neutral, driven by a flat macroeconomic backdrop that shows few signs of growth, yet provides sufficient resilience at this stage to avoid a full recession. Credit continues to rally, following a strong start to the year.