Something familiar

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• Total Portfolio Benchmarking
• Does Style Still Matter in Emerging Markets?
• Crypto and the climate

• The market and economic environment is reminiscent of the late 2015 and early 2016 period.
• The global economy is in better shape this time around and equity valuations more attractive, but tighter policy and geopolitical tensions are headwinds.
• Three years ago, a one-two punch of a less hawkish Fed and China stimulus catalyzed a quick rebound in risk assets toward their highs.
• We expect policymakers on both sides of the Pacific to once again provide support for risk assets in 2019, but policy constraints may limit the effectiveness compared to 2015/16