1、Mid-year investment outlook Four key trends moving markets2Mid-year investment outlook Four key trends moving marketsContentsExecutive summary .3Key themes for 2023 and beyond60/40 portfolios do they still work?.4Diversifying exposures beyond traditional stocks and government bonds is the 60/40 mode

2、l still fit for purpose?Value and growth investing two sides of the same coin.9Growth versus value what will 2023 deliver for the two investment styles?Chinas road back to normal.13How will China reassert itself as the engine of global economic activity in 2023 and beyond?The future for bonds .16Our

3、 regional experts explore what the future could hold for bond investors across Europe,U.S.and Asia 3Mid-year investment outlook Four key trends moving marketsExecutive summary Key themes for 2023 and beyond Robert Jenkins Global Head of Lipper ResearchLooking back,2022 was a perfect storm of geopoli

4、tical and macroeconomic shocks that disrupted the work-from-home bull market of 2021 and caused both stocks and bonds to turn in one of the poorest combined performances in history.The main drivers of inflation Covid-19 stimulus,supply chain issues and heightened consumer spending all became exacerb

5、ated when war broke out in Ukraine.The U.S.Federal Reserve took its mandate of price stability to a very hawkish place and began a series of aggressive interest rate rises that shocked the economy.This tightening campaign was well needed as inflation lurched into double digits in many major economie

6、s.Needless to say,these rising rates impacted the prices of stocks and bonds,in both a quantitative manner by lowering valuations,as well as in a sentiment manner as investors retrenched and flocked to safety as much as they could.The biggest losers in 2022 were also the largest and most impactful s