"We'd still advise caution. I mean at the overall portfolio level we still recommend that investors maintain overweight in bonds, we’d maintain overweight on corporate credit as a good place to take risk. We recommend equities if you’ve been keeping a smaller equity portfolio definitely positioning for cyclical recovery, but still remaining cautious on equities," Gill advises.
Gill adds that he's not saying to hold less cash necessarily, "What we’re saying is use the equities component of your portfolio to really build a position to benefit from any potential recovery."
So at what point or where should investors look for a signal to become a more tolerant to risk? Gill says he's looking for greater stability on the economic data front.
"We need to see signs of that but not uniformly across the board – take Singapore for example."
"We are looking for credit spreads to begin narrowing a little bit, we think investors will first go ahead into the corporate credit market, and then eventually move on into the risk exhaustive class of equities, which is where we recommend investors stay prepared," Gill concludes.
Comments? Questions? Send them in here.
Catch "Protect Your Wealth" on CNBC's Asia Pacific network every Tuesday on "CNBC's Cash Flow," Wednesday on "Asia Squawk Box" and Thursday on "Capital Connection."