After selling all assets in October, I’ve reinvested in four stock ETFs, a regional equity fund, and government bonds, with cash now at zero. The shift follows Iran’s market turmoil and a reassessment of valuations. Japanese equities, down to a 10% weighting, appeal due to weak yen, pro-growth policies, and low price-to-book ratios.

UK stocks, hedged via oil majors and banks, benefit from potential crude price stability and sterling-denominated liabilities. A small Latin American position targets cash flow growth amid fiscal discipline. US tech, despite reservations about overvaluation, shows promise with earnings multiples nearing decade averages.

A 10% allocation to American stocks balances risk, while dollar-denominated Asia funds hedge against Trump-era volatility. Finally, short-dated US Treasuries re-enter the portfolio, though capital gains tax limitations apply.