2019 Investment Outlook

Given the macro backdrop today, it's important to be diversified, to be willing to ride out phases of volatility, and to be adaptive to any changes in the environment.

Based on this, we think there are three key multi-asset themes as we enter 2019 :

	Growth at a reasonable price We think the global economy is in pretty good shape We remain pro-risk and prefer to back growth through equities rather than credits We particularly like Asian equities and emerging market equities
	Is safety “safe”? Because of the rise in US interest rates this year, some US Treasuries finally look more interesting as portfolio diversifiers, but risks remain In multi-asset portfolios, we think there is value in parts of US Treasuries
	Portfolio resilience Macro and political issues will likely have a significant impact on market action going forward In this tricky market environment investors need to build portfolio resilience We would focus on US bonds - especially short-duration parts of US Treasuries

This commentary provides a high level overview of the recent economic environment, and is for information purposes only. It is a marketing communication and does not constitute investment advice or a recommendation to any reader of this content to buy or sell investments nor should it be regarded as investment research. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.