Central banks will be doing everything they can to taper stimulus without a market tantrum. But there is plenty of room for market gyrations against a complex macroeconomic picture and a pandemic that has still not entirely abated.
As the recovery is becoming more uncertain and some of the 'easy gains' have already been made, it is particularly important to continue to look for opportunities for the next stage of the cycle.
There are a number of strategies that, while helped or hindered by the vagaries of the broader market, are not entirely dependent on the cycle to perform. Such strategies can be found in varied areas such as private equity, shareholder activism, or trading strategies that aim to provide all-weather returns.
We believe macroeconomic risks will undoubtedly keep on dominating the investment landscape, whether the biggest challenge is from inflation or something else in the year ahead.
Vincent Ropers is co-portfolio manager of the TB Wise Multi-Asset Growth fund
