"Uncertainty remains high in the U.S. and internationally. Geopolitical concerns in non-U.S. markets are hard to handicap. Valuations have improved across global fixed income and equities. In our proprietary valuation measurements, we view U.S. equities as fairly valued, while they were meaningfully overvalued at the end of 2021. Fixed income also looks more appealing and close to fairly valued. We are hanging onto energy a bit longer than we otherwise would," says Marta Norton.