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Adapting to a volatile environment

Global risk assets have sold off sharply and volatility has surged amid the global outbreak of COVID-19
16 March 2020
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    Key takeaways

    • Global risk assets have sold off sharply and volatility has surged amid the global outbreak of COVID-19
    • The current environment suggests that a global recession is now the most probable scenario. The main question is how long and how deep it is likely to be
    • We believe it makes sense to adopt a more neutral tactical view on developed market equities in such a highly uncertain and volatile environment. However, we maintain a strategically pro-risk stance in the context of hugely improved relative valuations for risky assets