Portfolio Playbook

Invesco’s March Portfolio Playbook keeps a constructive view on risk assets, arguing that global growth is improving even as Middle East tensions and higher energy prices add near-term uncertainty.

The firm favors stocks over core bonds and leans toward cyclical sectors, with a more balanced mix across value, momentum, and small- to mid-cap shares.

It also sees opportunity in higher-yielding credit, bank loans, inflation-linked bonds, and selected international and emerging markets exposure.

The main risks are a sharper rise in oil prices, widening credit spreads, or tighter financial conditions that could slow the expansion.