At the end of April, for supporters of “following the trend” in terms of long-term tactical asset allocation, no changes have occurred. The graph above shows the relative dynamics of different asset classes versus the S & P-500. Schedule for 20 years, monthly. Despite the fact that individual asset classes can grow in absolute terms (such as Europe in April), compared to the US stock market, they consistently remain in downtrends and under 4-year (48-month) averages. This, of course, does not mean that these assets cannot be speculatively attractive in the short term. But this is a topic for other posts. And here we clearly see that so far no «competitor» is becoming more attractive than US stocks. For this I would like to see how the ratio «Active / S & P-500» goes above the 4-year average. This would change the direction of the “big flow” for an asset. So far, Gold and Emerging Markets look the closest to the implementation of this task, but even they may need a few more months to confirm the reversal.