The 135-page outlook suggests investors will need to beware of the increasing tensions between the US and China, renewed friction between capital and labor, and an expected battle between monetary and fiscal policy in the post-Covid and newly inflationary world.

Our experts analyze the likely impact of these power plays on all the major asset classes over the next five years, and whether they will result in one of three potential economic outcomes in base, bull and bear cases. This is the third year in which detailed analysis on the implications of climate change on the global economy and on asset classes has been included.

Four special topics are also discussed in depth, covering machine learning for emerging market equity returns; an analysis of the invisible hand that guides bond markets; how to integrate the SDGs into government bond portfolios; and finding value within long-term trends in thematic investing.