CIBC World Markets is upping its equity exposure, but remains underweight on stocks nonetheless.

In its latest look at economics and portfolio, CIBC increases its recommended equity exposure 3% to 43%, but this is still well below the market weight of 50% for stocks. It remains heavily overweight in bonds, at 55% compared with a market weight of 39%. It is heavily underweight in cash, putting just 2% in cash vs the market weight of 11%.

As for the equity mix, CIBC has dropped its recommended weighting in energy, consumer staples, materials and health care from overweight position to market weight positions.
It is now overweighting financials, increasing exposure 2% to 35.5%.

It has also increased its allocation in consumer staples and telecoms to market weights. And, it has increased its recommendations for techs and industrials, yet it remains underweight in both sectors.