Riding the recovery wave

25th June 2021

The strong burst of stimulus-led equity market performance is likely to give
way to a more sustainable pace of gains in H2 2021 and beyond as the
US economic recovery wave radiates to other parts of the global economy.

Equities remain preferred, led by Europe and the US, with our Value rotation
and Innovation themes remaining focus areas.

USD-denominated bonds across Emerging Markets, Asia and High Yield
segments remain preferred, supporting yields across income allocations.

The EUR, GBP and AUD are expected to benefit from further USD weakness
as US growth radiates globally.

Gold, derivative strategies and an
allocation to companies that help address climate change can help
mitigate risks.