Slapping on the multi-asset factor protection

We might have been basking in a heatwave for most of the summer but, in many ways, it has been a summer of discontent for multi-asset investors - or at least for those who were not on holiday. Nevertheless, holders of US Treasuries had something to smile about. Benefiting from the August volatility, we saw that, when it comes to investments, there is not always anything wrong with being dull, with some of the heat coming off those toppy yields.  Emerging markets - whether equities or debt - have been a horror show and August in particular proved a tough month for the major equity mark...