2019 Outlook

Also Interesting

• Treat the trade truce with caution
• Changes on the institutional investment horizon:
• Q&A Trump, trade and inflation – Should we worry?

Mind the sustainability of returns as the cycle ages

With late cycle features continuing to materialise and a higher level of vulnerability developing due to the uncertain geopolitical backdrop, 2019 will require investors to embrace a more prudent approach, despite the benign global economic outlook. In our view, this new investment landscape will translate into not only the need for more cautious risk allocation through the year, but also more selective exposure to countries/sectors and names that could prove to be more resilient: less indebted, less exposed to geopolitical frictions, and to financial and economic imbalances