Keith writes a very interesting outlook at Ice Cap http://icecapassetmanagement.com/wp-content/uploads/2018/10/2018.10-IceCap-Global-Market-Outlook.pdf .
His strategy on various asset classes is as follows
Bonds
Still no changes. Keith finds it interesting that US High Yield has held steady (even I am surprised) Once the bond crisis escalates (yes it will but I still think we will see a last bond rally as market is heavily short bonds and US yield curve will invert) , this market is set‐up for a hard fall (higher yields). Some of their best investment ideas are on the short side within different fixed income markets.
Stocks Changes :They decreased their exposure to US markets . The current correction has turned their models negative . Further moves are likely – Ice Cap remain agnostic towards the asset class .
Currencies No changes . They remain structured to benefit from a strengthening USD.As the crisis spreads from emerging markets to Europe and then elsewhere,it is creating a perfect environment for a very strong USD .
Commodities No changes .Kudos to them, they have been completely right on gold .As USD surge develops, They expect gold to have one final leg down .Then the opportunity for significant upside exists. ( I believe possibly 1600 first then last fall to 980-1100 before breaking out to new all time high)