富达展望介绍

Thisisforinvestmentprofessionalsonlyandshouldnotberelieduponbyprivateinvestors

Contents

Overview

3

Theeconomyin2024

5

Scenario1:Cyclicalrecession

9

Scenario2:Softlanding

14

Scenario3:Balancesheetrecession

18

Scenario4:Nolanding

22

Asia

26

Sustainability

30

2InvestmentOutlookFidelityInternational

Overview

Morerisk,higheryields,andfourwaysforward

Remarkablechangesacrosseconomiesandmarkets,combinedwithayearofpolitical

uncertainty,makeforecastingunusuallydifficultin2024.Instead,weofferfourpotentialpathstheworldcouldtake,eachassignedwithitsownprobability.

AndrewMcCaffery

GlobalCIO,AssetManagement

IhavenevermanagedmoneyonthebasisthatIknowwhat’sgoingtohappenin12months’time.Imayhaveaview,butgoodinvestingneeds

discipline,anopenmind,andapreparednesstoreacttothefactsastheychange.

Often,it’sdifficulttounderstandbigeconomic,

social,orpoliticalshiftsuntiltheyarewellunderwayandnewtrendsarefirmlyestablished.We’reinthefirststagesofadramaticregimechange-from

lowinflationandeverdeclininginterestratesto

somethingdifferent.Thatsomethingdifferentwill

comewithgreatereconomicvolatilityandtheriskpremiumforholdingassetswillthereforebehigher.Weexpectrateswilltendhigherandreturnson

equitywillbemuchmoredifferentiatedacrosscountriesandregions.

InthisenvironmentIfinditmorehelpfultoconsiderdifferentscenarios:thealternatepathseconomiesandmarketscouldtake.MycolleaguesandI

estimatehowlikelywethinkeachscenariotobe,

whichallowsustopreparesooner,spottingsignalsalongthewaythateithersupportorrefuteagivenoutcome,sowecanadaptaccordingly.

InourOutlookforthecomingyear,welayout

thefourmacroeconomicscenariosfordevelopedmarketsthatwethinkinvestorsshouldkeep

inmindas2024unfolds,whileourheadsof

investmentexplainwhateachwouldmeanfor

theirassetclass.

Andwhatayearliesahead.Therewillbean

exceptionalrunofelectionsacrosstheworldduring2024coincidingwitharenewedinterestinfiscal

policy.Thereisapoliticaldesiretomaintainhighbudgetdeficitsandgovernmentinterventionin

differentforms.Marketswillstarttoexertagreaterpriceforthatspending.Wearegoingtobetalkingaboutthecostofcapitalalotin2024,notjustforcorporatesbutforgovernments,andnotonlywhatinterestcostswilldointheshortrun.

3InvestmentOutlookFidelityInternational

Themostsignificantelection,ofcourse,willbeintheUnitedStates.Ithaslongbeenadestination

forsafehavenflowsandaplacetoparkthe

proceedsoftradesurpluses,helpingtofundpublicandprivatespending.Inaworldofreshoring

andfallingChinesedemandforUSgoods,the

so-called‘exorbitantprivilege’thatcomeswith

issuingtheworld’sreservecurrencyappearstobewaning.Thesecrackscouldeasilywidenin2024andpresentatemptationfortheFederalReservetopauseorevenreversemonetarymeasureslikequantitativetightening.

China’scycleisinadifferentplace,with

implicationsforotherAsianeconomiesthatcanbenefitfromthecountry’sdemand.Our2024

Outlookpresentsscenarioshere,too.Meanwhile,Japanis,likewesterneconomies,adjustingtotheendofoneeraandthebeginningofanother.

Perhapsthebiggestshiftofallistheeffortto

buildamoresustainableworld,andtheworkby

policymakerstopushcompaniesandinvestors

furtherintoatransitioneconomy.Engagingwiththenetworkofregulatorsandindustrygroupsthrough‘system-widestewardship’willcontinuetobe

importantin2024andbeyond,atopicourOutlookalsocovers.

Theworldisalwaysuncertain.Butthisisoneof

thoseperiodswhenitisnotanexaggerationtousethephrase‘regimechange’.Investorswillneedtostaynimblein2024,readytonavigateeachtwist

andturnastherealscenarioplaysout.

4InvestmentOutlookFidelityInternational

Theeconomyin2024

Somethingwillgive

Theeconomycontinuestodeliversurprisesbutweareconfidentofonething:ifUSandother

developedworldinterestrateshavenotpeakedalready,thentheywilldososoon.Andagainstthisbackdropgrowthwillstall.Wedetailfourpotentialscenariosfor2024andthenextlegofabusinesscyclewhichhasseenthemostintenseroundofmonetarytighteninginageneration.

SalmanAhmed

GlobalHeadofMacroandStrategicAssetAllocation

Muchofwhathassurprisedcentralbankofficials

andfinancialmarketsin2023stemsfromourlackofunderstandingofthedeepereconomiceffects

ofthepastfifteenyears-includingthepandemic-onhouseholdsandcorporations.Wewillgetmoreclarityinthemonthsahead-oninflation,theoptimallevelofinterestrates,orthestubbornresilienceoftheUSjobmarket.Butinvestorsarerightlynervousthatthenextstageofthiscyclewillbringmorevolatility.

Ourlabourmarkettightnessindexisfinallyshowingsignsofeasing

100%

50%

0%

19501960197019801990200020102020

NBERRecessionPeriodsSoftLandingPeriodsFidelityUSLabourMarketTightnessIndicator

Source:FidelityInternational,FILGlobalMacroTeamcalculations,HaverAnalytics,October2023.

Markets,wherethosebettingonadownturnhavealreadybeenburnedonce,arehowevernowlinedupbehindaGoldilocks‘softlanding’wherethe

ratehikesandthetighteningofthepasttwoyearswilldojustenoughtograduallyreturntheeconomyandlabourmarkettoequilibrium.Wehavea

differentview.

Ourbasecasefor2024isacyclicalrecession

Resiliencedrivenbyfiscallysupportedconsumersandcompanieshasbeenthebiggestsurpriseof

2023,butbarringsomethingextraordinary,next

yearweexpecttoseetheeconomyfinallyturn

lower.Therearesignsitisalreadydoingso.The

bufferofsavingsbuiltupbyhouseholdsandthe

corporatesectorinthepandemicisalmostdrained,fiscalsupportshouldnarrow,andthereislikely

tobeapick-upinrefinancingneedsatatimeof

credittighteningacrosstheboard.

5InvestmentOutlookFidelityInternational

Z-score

USexcessconsumersavingsalmostdepleted

Aggregateexcesssavingsfollowingrecessions

$3tn

$2tn

$1tn

$0tn

$-1tn051015202530354045

Monthssincestartofrecession

1970197319801990

200120082020

Note:excesssavingscalculatedastheaccumulateddifferencebetweenactualpersonalsavingsandthetrendimpliedbydatafor48monthsleadingupthefirstmonthofeachrecessionas

definedbytheNationalBureauofEconomicResearch.

Source:FidelityInternational,FRBSFStaffcalculations,BEA,September2023.

Allofthissupportsourbasecaseforacyclicalrecessionin2024;inflationhasbeguntofallbutinterestrateswillstayhigherforlongeruntilthereareclearersignsitisheadingbacktotarget.

Centralbankswillthenpivotandcutratesasthedamagetogrowthbecomesobvious.

Labourmarketswillnormalise

andrestorepricestabilitybefore

wemovetowardsarecoveryat

theendof2024

Fundamentally,wecontinuetothinkthereissimplyalagbetweenpolicytighteningandtheeffects

ontherealeconomy.Thetransmissionchannelisdelayed,notbrokenandthecontinuedstickinessofinflationpointstomisalignedexpectationsthat

havetobebalancedout.Amoderaterecession

shouldachievethat,drivenbytightmonetarypolicyastheeffectsoflaggedfiscalsupportmeltawayinthedevelopedworld.Labourmarketswillnormaliseandrestorepricestabilitybeforewemovetowardsarecoveryattheendof2024.

Signsofarecessionarealreadyapparentin

Europewherethetransmissionchannelismore

effective.ThishasledtheEuropeanCentralBanktostartfocusingongrowth-atrendwethinkwilltakeholdintheUSnextyear.

CurrentbusinessactivityindicatorsshowEuropeslowingdownfasterthantheUS

2

1

0

-1

-2

July2020July2021July2022July2023

USEuroarea

Source:FidelityInternational,FILGlobalMacroTeamcalculations,RefinitivDatastream,October2023.

Alternativeendings

Westillseeroomforotherpossibilities.Alongside

acyclicalrecession,towhichwegivea

probabilityof60percent,our2024outlook

considerstheinvestmentimplicationsofamoreseverebalancesheetrecession(10percent

probability)thatpromptswidespreadcutbacksinspendingbycompaniesandconsumersalikeandjuddersthroughtheeconomy,eveninto

2025,drivenbyadisruptivereactiontoveryhighrealrates.Weconsiderthechancesofthemore

6InvestmentOutlookFidelityInternational

benignsoftlanding(20percent);andacaseinwhichthereisnolandingin2024atall(10per

cent),inotherwords,wheretheeconomyholdsatcurrentlevelsofgrowthandinflation,provokingcentralbanksintoanother,albeitincremental,

roundofpolicyraterises.

ThepathofFederalReservepolicy,together

withinflationandgrowthtrajectories,willlook

dramaticallydifferentineachscenarioandwillinevitablybesubjecttohighlevelsofuncertaintybothintermsoftimingandendpoints.

Fourscenariosfor2024

Inflationrate

6%

5%

4%

3%

2%

1%

0%

-3%-2%-1%0%1%2%3%4%

Growth(endof2024)

CyclicalrecessionSoftlanding

BalancesheetrecessionNolanding

Note:InflationratemeasuredbyUSPersonalConsumptionExpendituresPriceIndex.GrowthbyUSGDP.Source:FidelityInternational,October2023.

Marketsarestilloptimistic

Underthesoftlandingscenariobackedbycurrentmarketpricing,thedecisiontokeepinterestrateshigherforlongercouldfurtherreduceinflationtoalevelwherepolicymakersarecomfortable.TheFedandotherswouldthenrespondbylooseningpolicy,removingthethreatofcripplingrisesin

debtpaymentsforhouseholdsandcompanies.Pressureforbiggerrisesinwageswouldabateasinflationexpectationseasedandthelabourmarketsteadied.

However,ourresearchshowssuchascenario

tobeatoddswithcurrentinflationandlabour

marketdynamics.SurveysofFidelity’sequity,fixedincome,andprivatecreditanalystsshowthat

pressureoncompanylabourcostsisaliveand

well.Geopoliticaltensionsandthedemandsoftheenergytransitionwillkeepupwardpressureoncommodityprices.Thisinturnwillforcecentralbankstokeepinterestrateshighandsoonerorlaterdeliveramoredramaticshocktogrowth.

ThepathofFederalReservepolicy,

togetherwithinflationandgrowth

trajectories,willlookdramatically

differentineachscenario

Don’tforgetthetails

Thereareotherrealthreatstogrowth.China’s

muchfetedpathtorecoveryhasprovedrockier

thanhoped.Thecountry’suniquestorydemandsasetofitsownscenariosfor2024and,onbalance,wethinkBeijingwillmanagetohititsgrowth

targetsthisyearbutwilldolittlemoreasaperiodofcontrolledstabilisationcomesthrough.

AUSelectionyearcrystalisesthepartisandivisionthatthreatensitsgovernment’sabilitytospendandhasthepotentialtoshiftgeopoliticalgoalposts

meaningfully,inbothEuropeandAsia.

TheRussia-Ukrainewarcontinuestofuelcommoditypricesatatimewhensupplyisalreadytight.RisksemanatingfromawideningoftheIsrael-Hamas

warintoaregionalconflictremain,includingapotentialriseinoilpriceswhichwouldleadtoanothershocktoheadlineinflation.Thatshock

7InvestmentOutlookFidelityInternational

couldleadtodamagingrisesininterestratesaswellastheriskofstagflationdowntheline.

Policymakerswillcontinuetotestthelimitsofthefinancialsystem.AstheworldmakesitsfirsteverexitfromQEthereismuchwedon’t-andcan’t-

know.Expectnarrativestoshiftrapidly.Prepareforshortercycles.Watchforimbalancesbetweendemandandsupply,andforlagsintheeffectsofpolicy.Avolatilemacroeconomicenvironmentdemandsvigilance.

Theviewontheground

Wesurveyedanalystsacrossourequity,fixedincome,andprivatecreditteamstohearhowtheirsectorswouldfareinthedifferentscenarios.

Inthetablebelow,upwardarrowsindicatethatmostoftheresponsesinthesectorareimplyingapositive

effectandthebackgroundcolourindicatesthestrengthofthoseresponses.Forexample,mostconsumerstaplesanalystsansweredthatacyclicalrecessionwillhaveapositiveimpactontheirsector.The

downwardarrowindicatesanegativeimpact,withtheshadeofredreflectingthestrengthofresponses.Theneutral/nochange“-”hasalightgreybackgroundandindicateslackofcleardirection.

Consumerdiscretionary

Consumerstaples

Energy

Financials

Healthcare

Industrials

InformationTechnology

Materials

Telecoms

Utilities

RealEstate

Cyclical

recession

Soft

landing

Balance

sheet

recession

No

landing

Strongnegativeimpact

ModeratelynegativeimpactNocleardirection

Strongpositiveimpact

Moderatelypositiveimpact

Note:Realestateanalystsconsiderbothearnings/valuationoflistedsecuritieswithintherealestatespaceaswellastheyieldonunderlyingrealassets.

Source:FidelityInternationalAnalystSurvey,October2023.

8InvestmentOutlookFidelityInternational

Scenario1:

Cyclicalrecession

60%

probability

Ourbasecasescenario

Acyclicalrecessionwouldseeamoderateeconomiccontractionfollowedbyareturntogrowthinlate2024orearly2025.Inflationwouldbestickyforaperiodbeforereturningtotarget,withinterestratesstayinghigherforlongerfollowedbycentralbankspivotingtocutrates.Thisis

currentlyourbasecase.

Cyclicalrecession:inflationfallsbacktotarget–ratescomedownafterlabourmarketcracks

Opportunitylingers...

6%

5%

4%

3%

2%

1%

0%

Q42023Q12024Q22024Q32024Q42024

...withgrowthcominglaterintheyear

Inflationrate

6%5%4%3%2%1%

0%

-3%-2%-1%0%1%2%3%4%

CorePCE(%YoY)Policyrate(FFR-LB)

Source:FidelityInternational,October2023.

Growth(endof2024)

CyclicalrecessionSoftlanding

BalancesheetrecessionNolanding

Note:InflationratemeasuredbyUSPersonalConsumptionExpendituresPriceIndex.GrowthbyUSGDP.Source:FidelityInternational,October2023.

.Somecautiousnessaroundcyclicalsectorsandweakergeographies

.Inflation-linkedbondspreferredasinflationremainssticky,althoughnominalbondswillbenefitasratesfall

.Apotential‘Goldilocks-zone’forrealestateinvestment

Investmentsummary:Inourbasecasescenario,acyclicalrecessionwouldbringlowereconomicgrowththatcouldbeaworryforsmall-capsor

companieswithdiscretionarysales.Equities(awayfromlow-qualityorsmallnames)wouldbeof

interest,whileinfixedincomethefocuswouldremainonshort-dated,high-qualitycredits.

9InvestmentOutlookFidelityInternational

Scenario2:

Soft

landing

Scenario1:

Cyclicalrecession

Scenario3:Scenario4:

BalancesheetNo

recessionlanding

Multiasset

Weregardacyclicalrecessionasamildlyrisk-

offscenarioinwhichtherewouldstillbegood

opportunitiesforinvestorswhoarediscerning

aboutsectorsandgeographies.Investorsshouldn’tbescaredofholdingselectequityinvestments

becausemarketsanticipateaneconomicrecoverylaterintheyear.USequitieswouldbeespecially

wellpositioned.Inparticular,mid-capstockslook

attractivealongwithmuchoftheS&P500that

havenotsharedtheincredibleperformancethis

yearofthe‘MagnificentSeven’stocks(Alphabet,

Amazon,Apple,Meta,Microsoft,Nvidia,andTesla).Valuationslookreasonableforthesewell-run

companieswithsolidgrowthprospects.USsmall-capswouldbemorechallengedinaslowdownorrecessionscenariogiventheirgreaterdebt

refinancingneeds.

‘MagnificentSeven’stocksleadS&P500

performance

180

160

140

120

100

80

February2023June2023October2023

Top7RestS&P500

Note:Topseven=Meta,Amazon,Apple,Microsoft,Alphabet,Tesla,Nvidia.

Source:GoldmanSachs,FidelityInternational,October2023.

Thisreflectsourbroaderpreferenceforplayinghigh-qualityequitiesandcreditagainstlow-

qualitynamesinrecessionscenarios,with

refinancingconcernsfeedingintoapreferenceinthebasecaseforinvestmentgradecreditandhigher-ratedhighyieldissuers.

Weexpectinflationinacyclicalrecessionwouldbestickyforawhilebeforeitfellbacktotarget,andsoinflation-linkedbonds(offering‘real

yields’)wouldbepreferredtonominalbonds

inthisscenario.Marketsalreadypriceinflationreturningtotarget,butinvestorsexpectthatveryhighrealyieldswillbeneededtoachievethat.Inthisscenario,realyieldswouldfallinlinewithgrowthandcentralbankexpectations.

Inarecession,Indiaand

Indonesiaaremarketswithgood

defensivequalitiesthatareless

tiedtotheglobalcycle

Wewouldtakelongpositionsincertainemerging

marketsinanyscenario,givenattractive

valuationsandidiosyncraticeconomiccycles,

butourpreferenceschangedependingon

whichscenarioemerges.Inarecession,India

andIndonesiaaremarketswithgooddefensivequalitiesthatarelesstiedtotheglobalcycle.Wealsofavoursomeemergingmarketlocalcurrencybonds(withexchangeratehedging)asglobal

interestratesdecline,butwithoutanysignificantgrowthconcernsimpactingthecreditworthinessofmajoremergingmarkets.

-Henk-JanRikkerink

GlobalHeadofSolutionsandMultiAsset

10InvestmentOutlookFidelityInternational

Scenario2:

Soft

landing

Scenario1:

Cyclicalrecession

Scenario3:Scenario4:

BalancesheetNo

recessionlanding

Fixedincome

Ourcyclicalrecessionscenariostartswitha

periodofabove-consensusinflationinthefirst

halfof2024.Wewouldexpectaseriesofupside

inflationsurprisestogenerateanotherspellof

outperformanceforinflation-linkedbonds.This

wouldbesimilarto2020/2021wheninflation

acceleratedand1to10-yearinflation-linkedbondsoutperformedall-maturitynominalsbyabout15

percent.Upsideinflationsurpriseswouldsuggestatrickyperiodfornominalbondsinthefirsthalf

of2024,andwewouldthereforefavourmedium-

durationinflation-linkedbondsovernominalonesinthisscenario.

Iftheyieldcurvesremaininvertedinallmajor

currencies,wewouldsuggestmoneymarket

fundsasarespectablealternativeformore

cautiousinvestors,astheyofferhigheryieldsthangovernmentbondswithalmostnorisk.

Centralbanksonhighalertforpersistentinflationshouldhelphere.Short-dated,high-qualitycredit(inGBP,forexample)couldalsoworkwell.

Thelaterpartof2024,whenweanticipatefaster-than-expectedcutsfromtheUSFederalReserve,wouldbeastrongperiodfornominalbonds.Itwouldbethehardestofallassetallocationstotime,butforinvestorswithahigherrisktolerance,nominalyieldsatcyclehighswillbeirresistible

atsomepointandofferhigherbetasthanareavailablewithinflation-linkedbonds.

-SteveEllis

GlobalChiefInvestmentOfficer,FixedIncome

Privatecredit

Inacyclicalrecession,ourapproachwouldbe

tofocusonfurtherreducingriskandallocatingtoborrowerswiththestrongestbalancesheets.Wewouldexpectsomesupporttovaluationsgiventheexpectedreversalininterestrates.

Acyclicalrecessiondemandsafocus

oncompanieswherewecanhavea

directinfluenceoverthestructureand

documentationofdeals

Intheseniorsecuredloanmarket,wewould

favourdefensivesectorsandfirmswithcapex-lightbusinessmodelsthathavestrongvisibilityontheirearnings.Companieswithcontractedratherthandiscretionarysaleswouldbethefocus,aswell

asthosethatarelikelytohavemorestablecash

flows,suchashealthcare,technology,andbusinessservicesfirms.Debtservicecostswouldstartto

decreaseasinterestratescamebackdown.

Inthisscenario,werecommendbeing

overweightonbothstructuredcreditanddirectlendingstrategies,withaparticularfocuson

lendingtodefensivesectorsandthosewith

business-to-businessincomestreams.Acyclicalrecessiondemandsaconservativeapproachtocreditselectiontoavoidover-leveraged

firms,andafocusoncompanieswherewecanhaveadirectinfluenceoverthestructureanddocumentationofdeals.

Thereisalreadyplentyofdownsideriskpricedintothelowestendofthemarket.Andsoheadingintoacyclicalrecessiontherewouldbeamomentto

11InvestmentOutlookFidelityInternational

Scenario2:

Soft

landing

Scenario1:

Cyclicalrecession

Scenario3:Scenario4:

BalancesheetNo

recessionlanding

reallocateintointeresting,lower-ratedassetsthat

themarkethasover-discounted-oncewehadsightoftherecovery.

-MichaelCurtis

HeadofPrivateCreditStrategies

Equities

Currentconsensusearningsforecastslooktoooptimisticforthisscenariosowewouldexpectthemtobedowngraded.Itwouldbeworth

lookingforcheapstocksinmarketssuchas

EuropeandJapanwherevaluationsarefar

frompricinginanykindofrecession.Japanisespeciallypositiveforequityownersthankstoaseriesofcorporategovernancereformswhichhavefocusedonshareholderreturns.Wewouldalsoexpecttheyentostrengtheniftherewereinterestratecutselsewhere.

Wewouldfavourhigh-quality,

economically-insensitivenames

withrecurringrevenueandgood

pricingpower

Inacyclicalrecessionwewouldbecautious

aroundEuropeancyclicalslikeindustrialsbutwouldexpecttofindopportunitiesamongfinancials,

whichareattractivelyvalued.Bondproxieslikeutilities,consumerstaples,andhealthcarealsotypicallydowellinacyclicalrecession.

TheUKmeanwhilewoulddopoorlyinthis

scenariobecausearoundafifthofthemarketismadeupofenergyandminingcompanies.Thesewouldsufferfromslowingeconomicgrowth.Wewouldfavourinternationalnames,inparticular

high-quality,economically-insensitivenames

withrecurringrevenueandgoodpricingpowerthatshouldseethemthroughastorm.These

businessescanbefoundacrossseveralsectors,fromconsumerstaplestocomputersoftware.

Therecouldbeaninterestingdynamicaroundsmallandmid-capstocksinthisscenario.

Thesecompanieswerederatedin2023asthey

grappledwithhigherinterestrates,andso

havealreadycheapenedinrelationtoforward

earningsestimates(althoughsomenervousnessabouttheirabilitytomeetthoseestimates

remains).Ifthereisfurthereconomicpressure

intheearlypartoftheyear,thensmall-caps

couldcomeunderpressure,butwhenwedoseesomereliefoninterestrates,smallerstocksmayhavemorerecoverypotential.UnlikeBigTech,

whichsuperchargedthemarketin2023,smallercompaniesarenot‘pricedforperfection’socouldoffermoreofamarginofsafety.

-IlgaHaubelt

HeadofEquities,Europe

-MartinDropkin

HeadofEquities,AsiaPacific

RealEstate

Inmanyways,acyclicalrecessionwouldbethe‘Goldilocks-zone’forpropertyinvestmentbecauseasmallamountofinflationispositiveforreal

estate.Furthermore,giventhatpropertyprices

12InvestmentOutlookFidelityInternational

Scenario2:

Soft

landing

Scenario1:

Cyclicalrecession

Scenario3:Scenario4:

BalancesheetNo

recessionlanding

havealreadyadjusted(particularlyinEurope

andespeciallyintheUK),andifinterestrates

havepeaked,thentherewouldonlybeupsidetocome.Inthisscenario,therewouldcertainlybeopportunitiestotakeonmorerisk.ThereisalreadyagoodbalanceofsupplyanddemandacrossEuropeanmarkets,meaning2024shouldprovetobeastrongvintagetoinvestinreal

estateunderthisscenario.

Itisimportanttonotethataswellasdealingwiththeshiftingmacroeconomicbackdrop,therealestatemarketisundergoingastructural

change,movingoutofaperiodofsustainableincomeandintooneofsustainablegrowth.

Previously,inaworldofnear-zerointerestrates,propertywasinvestedinchieflyforitsyield

(especiallycomparedwithotherassetclassessuchasbonds).Now,weexpectittoreturn

toitstraditionalroleofa‘hybrid’assetclass

combiningsustainableincomewithequity-like

capitalgrowth.

-NeilCable

HeadofEuropeanRealEstateInvestments

Theviewontheground

Howouranalyststhinktheirsectorswouldfarei