Few assets likely to beat cash in the next few months

We still think that returns from many “safe” assets, including most developed market government bonds, will fail to beat those from US dollar cash over the rest of 2019, even as “risky” assets, notably equities, REITs and corporate bonds, struggle against a backdrop of more economic weakness. The best-performing assets in dollar terms are likely to be those denominated in haven currencies like the Japanese yen.