Asset Allocation License Numbers Valuation 
James Hendries
JANUARY 13, 2023
When LPL Research released the Outlook 2022: Passing the Baton in December 2021, the team’s view was that the hit from inflation would be manageable and would therefore limit the number and magnitude of interest rate increases, enable the U.S. economy to avoid recession, and support above-average valuations.
James Hendries
JULY 13, 2022
Increased equity exposure in tactical asset allocation from 62% to 65%. Reduced low duration core bond allocation and increased allocation to small cap equities. The Strategic and Tactical Asset Allocation Committee (STAAC) changed its recommended asset allocation for July, shifting from core bonds to small cap equities.
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James Hendries
AUGUST 15, 2022
The Strategic and Tactical Asset Allocation Committee (STAAC) made no changes to its recommended asset allocation for August. It is expressed as a number of years. It is also a major component used to calculate the price-toearnings valuation ratio. We could see a retest of 3.5% over the next few months.
James Hendries
JUNE 20, 2023
As such, we don’t think it will be long before official government numbers reflect the decrease in rent prices. LPL’s Strategic and Tactical Asset Allocation Committee (STAAC) recommends a neutral tactical allocation to equities, with a modest overweight to fixed income funded from cash. All index data from FactSet.
James Hendries
DECEMBER 4, 2022
Retail sales data from the Census Bureau (we focus on the Retail Sales excluding Food Service, Autos, Building Materials, and Gas Stations statistics) has shown year-over-year growth, slow from the average mid-teens numbers seen in 2021, to a still healthy upper-single digits number in 2022 [Figure 2]. All index data from Bloomberg.
James Hendries
AUGUST 15, 2022
We maintain our preference for equities over fixed income and cash in our recommended tactical asset allocation. Stock valuations are higher but bond yields are still low enough to support valuations with the 10-year Treasury yield well under 3% despite the big jobs number. All index data from FactSet.
James Hendries
NOVEMBER 15, 2022
The Strategic and Tactical Asset Allocation Committee’s (STAAC) S&P 500 year-end fair value target of 4,000-4,100 is based on a price-to-earnings ratio of 17.5 It is expressed as a number of years. It is also a major component used to calculate the price-toearnings valuation ratio.
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