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Research

Using Macro Factor Dashboards for Tactical Asset Allocation

David Clewell, CFA, Investment analyst - APAC
Christopher Faulkner-MacDonagh, Ph.D., Portfolio Manager
David R. Giroux, Chief Investment Officer for Equity and Multi-Asset
Sébastien Page, CFA, Head of Global Multi-Asset
Charles M. Shriver, CFA, Portfolio Manager, Multi-Asset

A disciplined way to include macro factors in a broader process.

Research suggests that macro factors can be significant return drivers. However, little has been published on how to use them to inform investing decisions. T. Rowe Price has developed a process that uses dashboards to integrate macro factors into a broader tactical asset allocation process. Our dashboards can help practitioners filter the historical data to try to predict the impact of macro factors on asset returns, using a framework that incorporates current conditions and that investors can easily replicate. We recommend using macro factors in combination with relative valuations, fundamentals, and other data such as sentiment indicators.

Research in Brief

Using Macro Factor Dashboards for Tactical Asset Allocation

Using Macro Factor Dashboards for Tactical Asset Allocation

Research

Macroeconomic Dashboards for Tactical Asset Allocation

Macroeconomic Dashboards for Tactical Asset Allocation

Important Information

This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

The material does not constitute a distribution, an offer, an invitation, a personal or general recommendation or solicitation to sell or buy any securities in any jurisdiction or to conduct any particular investment activity. The material has not been reviewed by any regulatory authority in any jurisdiction.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date written and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

The material is not intended for use by persons in jurisdictions which prohibit or restrict the distribution of the material and in certain countries the material is provided upon specific request. It is not intended for distribution to retail investors in any jurisdiction.

USA—Issued in the USA by T. Rowe Price Associates, Inc., 100 East Pratt Street, Baltimore, MD, 21202, which is regulated by the U.S. Securities and Exchange Commission. For Institutional Investors only.

© 2020 T. Rowe Price. All rights reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, and the bighorn sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc.

202004‑1135926