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JP Morgan 2021 Outlook
JP Morgan 2021 Outlook
2021
As a dad, I glean a surprising number of lessons from While a full economic recovery everywhere in the world
my daughter's favorite films. In one poignant scene won't be easy to achieve, we're already well on our way.
from Disney's Finding Nemo, dozens of fish are trapped To help you plan your own journey in the year ahead,
in a fisherman's net, which is being hoisted inexorably I encourage you to read our Outlook for 2021. It is full
toward the surface. But then the film's heroes implore of actionable insights into what is happening across
the threatened fish to swim down together, and to the globe, and it explains the five big forces likely to
just keep swimming. Under the weight of all the fish shape the global economic recovery and your portfolios
swimming in the same direction, the net snaps and in 2021. We also discuss the key risks we see ahead,
the fish are freed. reaffirm our belief that certain megatrends have the
potential to outperform significantly, and share some
As we turn the page from 2020 and look ahead to 2021, of our favorite trade ideas.
I'm reminded of the message of this scene. Just when
our predicament has seemed most dire, the forces of But it's most important that you discuss these ideas
human ingenuity and determination have set us on a with your J.P. Morgan team to see how they may apply
brighter path. Frontline healthcare staff and essential to your unique plans and work toward the goals you
workers have kept us going during the pandemic. have for yourself and your family.
Today, the scientific community is on the cusp of
delivering a vaccine in record time. We have also seen Sincerely,
communities around the world come together to push
for a more fair and equal society, and we hope to see
further progress in the future. And from a financial
perspective, the collective efforts of governments,
central banks, consumers and businesses, all Andrew Goldberg
swimming in the same direction, will help the global Global Head of Market & Asset Class Strategy
economy heal from the COVID-19 crisis.
INVESTMENT AND INSURANCE PRODUCTS ARE: · NOT FDIC INSURED · NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
· NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES
· SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED
Foreword 2
Executive Finally, we are starting to see the light at the end of the Because fiscal and monetary policy will continue to
tunnel. Welcome news on COVID-19 vaccines arrived drive investment outcomes, we look for beneficiaries
near the end of a difficult and volatile 2020. Trial of policy support: U.S. and Asian equities, companies
results of several vaccine candidates suggest greater exposed to physical and digital infrastructure
summary
than 90% effectiveness, promising an eventual end investment, energy transitions and the next generation
to a global pandemic that has disrupted the lives of of transportation. And because policy rates will likely
so many of us. In response, broad equity markets are remain near zero for a few years, yield will be hard to
close to all-time highs, and the stocks of companies come by. Two places to find it: U.S. high yield bonds and
in industries most impacted by virus restrictions have preferred equities. We also think investors should focus
been rallying in anticipation of the benefits that on assets that do well during periods of modestly rising
a return to normal will bring. inflation, such as equities, real estate, infrastructure
and commodities.
But we still have to wait. Virus case counts are rising
in much of the world and mass vaccine distribution Yes, equity valuations are high, but we believe high
will be no small feat, given the logistical complexities. valuations are deserved. They may even be the
Plus, the economy is not yet completely out of the new normal as long as global central banks stay
woods. Additional support from governments seems accommodative and long-term interest rates remain
badly needed for the businesses that have been near secular lows. We think both are good bets over the
impacted by restrictions. So uncertainty will persist. medium term. We believe stocks are likely to generally
While uncertainty can cause anxiety around your outperform fixed income and cash in 2021. On the
investments, we find comfort in areas where we have currency front, the dollar will likely weaken modestly as
more visibility. Most importantly, we believe the global the global recovery proceeds. Investors should keep an
economy will continue to heal. In fact, by the end of eye on currency exposures and consider beneficiaries
last summer, it seemed likely that the healing process of a weakening dollar, such as emerging markets.
had already started, with some sectors, including
technology and housing, doing remarkably well in the In sum, amid a healing global economy, markets offer
new environment. From here, the contours of that a wide range of opportunities to uncover, and risks
healing process will likely be defined by five big forces to manage. We explore them in the following pages.
in 2021: the virus, policy, inflation, equity valuations
and the dollar.
Executive summary 3
What might
derail the
recovery?
Executive summary 4
How do you invest in today's environment? Digital transformation was the defining market trend
of 2020 as businesses, consumers and families learned
Remember:
how to live in an online world. Even so, we are just
beginning to see the ways in which technology will
Your goals are
Uncertainties (and there are many) make
influence future production and consumption
(think 5G).
your North Star
investors nervous. To combat that anxiety,
Healthcare innovationÐits value and importanceÐwas
We believe this young recovery could last for years.
But before you act on this kind of optimism, make
we have a plan and are focusing on three
made painfully clear by the global pandemic. But the
demand for healthcare innovation is longstanding
sure you have a solid, long-range investment strategy
that aligns with the goals you have for yourself and
themes: navigating volatility, finding yield and nearly ubiquitous. We see significant investment
opportunity in testing and diagnostics, not only for
your family. Planning holistically is the only way you
can truly buildÐand keep full confidence inÐyour
and capitalizing on opportunities in the COVID-19, but for many other diseases as well. Even
before the pandemic, laboratory testing was the single-
investment portfolio.
Prospects seem bleak for investors seeking income. But if you are searching for stocks with the potential
As the big three global central banks may not raise rates to outperform in the next few years, we think the
for years, investors may want to hold less cash, and best places to look are in three megatrends: digital
consider other means to maximize yield for strategic transformation, healthcare innovation and sustainability.
cash reserves. To enhance yield in core fixed income,
we think investors should consider slightly extending Over the last five years, more than 1,700 stocks have
duration and rely on active management in mortgage- contributed to the return of the MSCI World Index. But
backed securities, municipal debt and portions of the only 42 stocks increased their market capitalizations by
investment grade corporate market. more than 4X when they were part of the index. Of those
big winners, over 60% came from the technology and 1
``The Healthcare Diagnostics Value Game,'' KPMG. 2018.
healthcare sectors. Meanwhile, 2020 was a breakout 2
With today's global population of 7.8 billion people set to increase
year for sustainability and sustainable investing; the S&P by another 2 billion people over this coming decade, the strain on
Global Clean Energy Index was up nearly 100%. our planet's resources is going to grow exponentially. In fact, if we
continue on this path, by 2050, global demand for resources will
overuse the planet's capacity by more than 400%.
3
A circular economy is one in which there is no waste because all
leftovers from production are fed back into the system and used
to create new usable products.
Executive summary 5
Table of contents
01 04 06 07
pg. 7 pg. 12 pg. 32 pg. 39
03
05
Global healing–
· Latin America
· United States
Key dangers · Healthcare innovation
· Sustainability
great differences
Inflation we see now
Equities
across regions The dollar
02
08
pg. 8 pg. 40
Asia Government failure to provide
Europe enough support
Latin America
The simmering tech war between
United States
the United States and China
From crisis
Geopolitical flashpoints
What does this
to recovery
mean for you?
Table of contents 6
Key 01
The global economy will
continue to heal from the
02
We expect output in parts
of Asia and the United States
03
Investors should be critical
of excess cash holdings.
takeaways
coronavirus pandemic. to surpass pre-pandemic
levels while Europe and Latin
America lag. China has already
recovered lost output.
04 05 06
Global equity markets will We expect equities to Interest rates will likely rise
likely reach new highs. outperform high yield bonds modestly as the economy
and core fixed income. High heals, but they should remain
yield bonds remain an anchor near secular low levels.
for portfolio returns.
07 08 09
We are focused on three key Risks to our view include Core fixed income still provides
themes: navigating volatility; economic malaise catalyzed by the most efficient protection
finding yield; and harnessing ineffective virus containment, against equity volatility.
megatrends. governments and central
banks failing to provide
sufficient policy support,
the tech war between the
United States and China, and
geopolitical flashpoints.
01 | Ke
Key takeaw
takeaways 7
From crisis 2020 was an intense and volatile year. The coronavirus
pandemic has cost over one million lives worldwide,
to recovery
and the ensuing lockdowns catalyzed the most severe
economic contraction since the Great Depression.
In the United States, the presidential election
underscored entrenched political polarization while
mass demonstrations for racial justice emphasized
persistent inequities and inequalities.
Almost everywhere, policymakers struggled to We believe the global economy will continue
manage enormous economic and public health to heal through 2021 and beyond. We believe five
challenges, with differing degrees of success. big forcesÐand how they play outÐare likely to
Capital markets experienced their own turmoil. shape the global economic recovery and asset
Global equity markets suffered their sharpest- returns in 2021:
ever drawdown (the MSCI All-Country World Index
fell 34% from peak on February 12 to trough on 1 The virus
March 23), but recovered at a record pace, making Can a vaccine be the ªsilver bulletº that many hope?
new all-time highs by September. The snapback
2 Policy
reflected unprecedented central bank action
Which governments and central banks will
that ensured access to financing for businesses
provide enough support?
and impressive fiscal support that replaced
incomes for unemployed workers. By the summer, 3 Inflation
it seemed more likely that a global economic Are prices going to rise too quickly, or too slowly?
recovery had begun, with some sectors, including
4 Equities
technology and housing, actually thriving in the
Are high valuations sustainable?
new environment.
5 The dollar
Will it continue to weaken?
China and much of East Asia are benefiting from Europe has fallen marginally behind as a resurgence in
a ªfirst in, first outº dynamic and effective containment new cases has slowed the recovery's momentum from
of the virus. its previously robust pace. Recent weeks have brought a
more rapid escalation of new infections than authorities
China was the first to see activity and growth bottom were expecting. Some countries (including Germany,
in the first quarter of 2020. Its rebound was led by France and the United Kingdom) have responded with
the industrial sector, helped by strong exports. More fresh lockdown measures.
recently, China's recovery has broadened to services
and consumers. In fact, domestic travel and tourism So far, these lockdowns are not as severe as they
are well on their way to normalization, even without were in the spring, and their focus on restricting the
a vaccine. Barring another severe virus outbreak, we leisure and hospitality sectors means the level of risk
expect the recovery to prove self-sustaining. varies significantly. For example, the value added from
restaurants/hotels and arts/leisure/entertainment is
South Korea and Taiwan also recovered relatively early, almost 4% of GDP on average. However, these sectors
thanks to strong global demand for tech products. account for almost 8% of GDP in Spain and less than
However, these countries' dependence on exports 3% in Germany.
means they may be at risk if demand for tech products
softens. Japan has experienced a smaller domestic Many of Europe's weaker economies (such as Turkey,
shock from the pandemic, but is still struggling Spain, Italy and Greece) rely heavily on tourism, which
with deflationary pressures, weaker demand due to was decimated by springtime travel restrictions that
Global healing—
consumption tax hikes and a strong currency (which have never fully lifted. Indeed, the slow recovery of
hampers exports). travel-dependent, high-contact service industries is
why European countries dominate the list of economies
India, Indonesia and the Philippines have struggled to that are forecasted to be smaller in 2022 than in 2019.
balance virus containment with the need for economic Of the nine major advanced countries forecasted by
great differences
growth. We think a full recovery in these economies the International Monetary Fund (IMF) to meet this
ultimately depends on a globally available vaccine. unwanted criteria, seven are European.
across regions
commitment to coordinated fiscal policy. However, its
¨750 billion price tag is probably insufficient to generate
a return to pre-pandemic GDP levels in 2021, especially
in light of new restrictions. Recent vaccine developments
are encouraging, but probably insufficient to make
Europe a preferred region for investment.
3.5M
jobs lost in the
leisure and
hospitality sectors
big forces
and portfolio returns in 2021.
in 2021
01 || The
04 Fivevirus
big forces in 2021 12
The virus
We do expect a vaccine, and relatively soon. It should U.S. retail sales are already above pre-pandemic levels.
be available to certain high-risk populations in the With inventories depleted, restocking has sparked a COVID-19 continues to spread around the world
developed world by the first quarter of 2021 and recovery in production and trade. Chinese production Global new COVID-19 cases, 7-day moving average
broadly thereafter. So why won't a vaccine be a and exports have surged. Consumption was similarly
complete solution? A few reasons. We do not know rebounding at a rapid pace in Europe, though now
how effective a vaccine will be even though preliminary it remains to be seen what kind of damage new 700,000
results have been quite encouraging. Also critical: restrictions will cause.
a material portion of the global population likely will 600,000
not be vaccinated in 2021Ðdue to personal choice, A vaccine may have more of an impact on markets
500,000
logistics or economic constraints. in 2021 than on the real economy because asset
prices can reflect future benefits before they actually 400,000
It seems likely that the world will have to continue to happen. Another implication: The spread of the virus
rely on other ways to control the spread through 2021: itself may not exert the same kind of downward 300,000
rapid testing, contact tracing, mask compliance and pressure on asset prices.
200,000
restrictions on high-risk activities. Improved treatments
and procedures should deliver continued progress on Overall, we are focusing on investments that can 100,000
treating those infected. work with or without an effective vaccine. These
include companies linked to digital transformation, 0
Even without a vaccine, there's been a rebound both healthcare innovation and household consumption.
Jan '20
Feb '20
Mar '20
Apr '20
May '20
Jun '20
Jul '20
Aug '20
Sep '20
Oct '20
Nov '20
in consumption and production activity globally. Sovereign yields will probably rise and yield curves
Consumer spending has simply shifted from sectors steepen as global activity and risk sentiment improve
such as leisure and hospitality to housing and along with medical progress. This could create tactical
e-commerce. opportunities in equities sensitive to interest rates
(such as banks). However, we believe the gravity of easy Source: Bloomberg Finance L.P., Johns Hopkins University. November 12, 2020.
central bank policy will keep rates near secular lows.
support?
As the recovery continues to broaden in China, there is Japanese policies will likely remain supportive because
less need for additional support. In fact, China already the COVID-19 hit has exacerbated deflationary pressures.
has started to unwind the limited amount of monetary To make matters worse, the economy was already in a
easing it delivered in Q1 2020. We think the country's domestic policy-induced recession before the pandemic
budget deficit will actually be smaller as a share of spread to this country. Yet another headwind the Japanese
its GDP in 2021 and the following years than it was in economy faces is a stronger currency relative to its
2020. So there may be reductions in fiscal spending, trading partners.
especially given the focus that policymakers have on
ensuring the debt situation is sustainable. In particular, Countries throughout the rest of Asia still have room
we expect more tightening measures in the property to ease. The coronavirus recession may be over
market over the next two or three years. and growth recovering from the trough, but virus
containment will continue to weigh on economic
In Taiwan and Korea, growth has rebounded, activity. If the U.S. dollar does not appreciate, then
reducing the need for more easing. Both countries, Indonesia, Malaysia and the Philippines all will have
export-dependent, have benefited from demand for room to ease. Singapore will likely be able to refrain
technology products. We expect policymakers to from further easing, due to its links to the stronger
remain on hold until the global economy rebounds growth backdrops in China and the United States.
meaningfully and the Federal Reserve (Fed) starts to India will likely try to ease policy, which could stoke
signal a more balanced outlook. inflation higher and deficits wider.
introduced in May is an to necessitate additional policy support. reluctant to use it. The Bank of England is preparing
the operational mechanisms for negative rates and will
The United States has a very supportive mix Growing budget deficits indicate willingness
to enact support during the recovery
of monetary and fiscal support. The Federal Budget deficit as a % of GDP
To achieve its goals, the Fed has set policy rates at zero
and is buying $120 billion worth of Treasury bonds
$120 billion Eurozone 0.6% 8.6%
Fed purchases of Treasury bonds
and mortgage-backed securities per month. If the Fed
and mortgage-backed securities
needed to do more to get what it seems to want, it could
per month Japan 2.6% 12.7%
move its purchases to longer-term securities or deliver
more forceful forward guidance regarding eventual rate
hikesÐor both. The Fed has committed to not raising
policy rates until those employment and inflation targets $2.2 trillion Canada 0.6% 13.6%
or too slowly?
of holding excess cash.
Now, we believe, the inflation game has changed. There is still slack in the global economy, particularly
In the past, higher inflation was a constant risk for in the labor market. The number of permanently
economies. Central banks were designed to keep unemployed U.S. workers is still elevatedÐeven as
inflation down. Today, the risk that prices won't rise headline employment numbers recover. The digital
fast enough, or will actually fall, is more realistic than economy does not have many physical constraints
the threat that they will rise too fast. As a result, global that lead to price hikes. Also, the lack of a ªblue waveº
central banks are actively trying to push inflation in the U.S. elections means that we likely won't see a
higher rather than working on keeping it contained. large-scale government spending program that might
They have a tall task ahead of them. push prices higher. Further supply chain disruptions
from de-globalization could put upward pressure on
targets.
3.0%
2.5%
Federal Reserve
target range
2.0%
2 +
1.5%
% 1.0%
0.5%
0.0%
-0.5%
Federal Reserve
2014 2015 2016 2017 2018 2019 2020
inflation target
Are current
valuations SHORT
We think historically high valuations
may be justified. You may not be
getting a bargain in stocks, but they
sustainable?
ANSWER
will likely outperform fixed income
and cash next year.
Equity valuations are elevated on most traditional metrics Equities are not expensive relative to bonds
MSCI World price to 12-month forward earnings Dividend yield of global equitiesÐYield to maturity of Global Aggregate bonds
23x 2.0%
21x 1.5%
19x 1.0%
17x 0.5%
0.0%
15x
-0.5%
13x
-1.0%
11x
-1.5%
9x -2.0%
7x -2.5%
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20
Source: MSCI, FactSet. November 12. 2020. Source: J.P. Morgan Corporate & Investment Bank, Bloomberg Finance L.P. November 13, 2020.
U.S. dollar cycles tend to play out over the course of several years
Trade-weighted U.S. Dollar Index (average = 100) A weaker dollar also leads to easier financial
130
125
115
105
95
85
also help support the recovery in emerging
80
'80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 markets, and makes us more positive on
Source: Federal Reserve, Bloomberg Finance L.P. October 31, 2020. equities in the region.
04 | Five big forces in 2021 27
Key dangers While the global healing process is likely to
continue, there are risks. Three concern us
most; yet despite them, we expect the global
we see now
recovery to continue and global equities to
make new highs in 2021.
flashpoints
The Middle East In the end, the best way to deal with risks is to have a
Conflict in the region tends to spill over into the goals-based plan for your investments. That way, when
economy and financial markets through oil prices. a shock comes, it is easier to avoid knee-jerk reactions
Turkey has been active in establishing itself as a major and focus on longer-term goals. Certainly, this strategy
player in the region, which threatens Saudi Arabia, worked during the COVID-19 crisis.
Russia and Iran. Again, war is unlikely (excepting the
conflict between Armenia and Azerbaijan), but the
region is on a low boil and should be monitored.
bonds provide the most mortgage-backed securities) still plays a critical role
in diversifying equity exposure. However, bonds may
Portfolio returns: Equity vs. equity & fixed income blend MSCI World Index
volatility in portfolios, Now, though, we think it's best to add other types
of protection to portfolios. We prefer hedge funds By helping investors avoid the full brunt of market downturns, 60/40 Stocks & Bonds
40/60 Stocks & Bonds
but we believe other asset as a complement to core fixed income. In 2020, hedge
fund portfolios that we manage have performed in
diversification might help a portfolio's value recover sooner
classes and vehicles (such line with aggregate bonds, and going forward we
expect hedge funds will outperform core fixed income
USD value
of portfolio August 28 2020:
as hedge funds) should with a lower volatility than high yield. To do this
well, we are focused on effective, dynamic managers
July 15 2020:
40/60 portfolio MSCI World por tfolio
recovers
recovers
be added to that mix. that operate in niche areas of the market (such as
equity special situations, structured credit, merger
MSCI World peak
March '20
volatile markets. So far in 2020, the companies with
April '20
June '20
May '20
Aug '20
July '20
Sep '20
Feb '20
Oct '20
the best sales growth outperformed by over 20%, while
the most leveraged companies underperformed by 7%.
Volatility can also expose value in asset prices. If price Source: J.P. Morgan Market Strategy, MSCI, Barclays, Bloomberg Finance L.P. November 13, 2020.
declines are caused by developments that are unlikely
to disrupt the global healing process, we would likely
be willing buyers. Implied equity market volatility is
still elevated, which creates opportunities in structured
notes and for proven active managers that have the
flexibility to quickly reposition portfolios when
sell-offs do occur.
Prospects seem bleak for investors seeking income. The most obvious solution to this problem is for investors
Interest rates across the global fixed income landscape to be very critical of the amount of cash they hold, and
are at secular lows; 25% of all investment grade debt consider other means to enhance yield for strategic cash
trades have a negative yield. A sign of the times: Greek reserves. To enhance yield in core fixed income, we think
10-year debt trades at 65 basis points (bps); Portuguese investors should consider slightly extending duration, and
debt trades at 4 bps; and you actually have to pay Ireland rely on active management in mortgage-backed securities
26 bps a year to lend the country money. and portions of the investment grade corporate market. Select areas of the fixed income High Yield Munis (B1)
Particularly appealing are mortgage-backed securities, High Yield Corporates (BB)
The low yield environment is unlikely to change soon, as given the strong fundamentals of the U.S. housing market
market still offer relatively high income
EM Corporate Bonds
it is the global central banks' current policy stance. In the and household balance sheets. Tax-equivalent yield to worst % Global Aggregate Bonds
United States, the Federal Reserve has tied future rate
hikes to specific outcomesÐemployment at the maximum To augment income, investors have another lever they
level and inflation averaging 2% over time. There is a long might pull: Increase risk. Our preferred space for this
way to go until these criteria are met. Expect to see policy maneuver is the high yield corporate market, with 12%
rates near zero for years. especially good opportunities in the upper tier of that
space. The BB-rated index has a yield around 5%, and 10%
Because U.S. Treasury rates reflect investors' expectations we expect default rates have already peaked. In addition,
8%
regarding future Fed policy moves, the shift in framework a modest amount of leverage (managed as part of an
argues for lower long-term rates as well. Right now, the overall portfolio) on an investment in the upper tier of the 6%
market isn't expecting the Fed to raise interest rates until high yield market can increase the effective yield, and may
4%
the end of 2023. Meanwhile, in Europe, policy rates have be appropriate in certain situations.
been negative since 2014 and are expected to stay there 2%
for the rest of the decade. Yes, decade. Expectations for a For U.S. taxpayers, high yield municipals are a compelling
rate-hiking cycle from the Bank of Japan are nonexistent. opportunity: The tax-equivalent yield is well above other 0%
areas of the market. To be sure, there is meaningful risk, '15 '16 '17 '18 '19 '20
Yield-seeking investors should face the possibility that given that COVID-19 restrictions and decreased mobility
the big three global central banks may not raise rates have impaired tax revenues. But we feel that an active Source: Bloomberg Finance L.P., Barclays, J.P. Morgan Corporate & Investment Bank. November 27, 2020.
for a very, very long time. manager with a robust underwriting process can find
value. Preferred equities also provide taxable equivalent
yields of around 5.5%, and bank capital levels are solid.
Similarly, select EM bonds offer a meaningful yield
premium to risk-free rates. We are focused on high-quality
corporate issuers with diversified revenue streams. Finally,
investors ought to consider expanding their toolkits
beyond traditional fixed income by considering private
credit, real estate and infrastructure assets.
Imagine a 5G-enabled factory of the (not-so-distant) • · The recent trade tensions between the United States
future. Products could be designed virtually, assembled and China have incentivized producers to localize
by 5G-connected untethered and collaborative robots supply chains.
(ªcobotsº). Employees could use 5G-enabled augmented
19
reality (AR) capabilities to quickly learn and execute
assembly tasks. Production processes could be digitally
supervised. Artificial intelligence might predict when a
product needs maintenance.
of 5G revenue
5
ª5G for business: a 2030 market compass,º Ericsson, October 2019.
6
PwC U.S. CFO Pulse Survey, June 15, 2020.
7
ªThe Healthcare Diagnostics Value Game,º KPMG, 2018.
8
ªWHO Report on Cancer: Setting Priorities, Investing Wisely and
Providing Care for All,º World Health Organization, 2020.
9
Anastasia Amoroso, ªPrecision medicine: The next trend in healthcare
innovation,º J.P. Morgan, August 20, 2020.
12
ªCircular Advantage,º Accenture Strategy, May 2015.
ªGlobal Vertical Farming Market to Reach $12.77 Billion by 2026 at
are fed back into the system and used
24.6% CAGR.º Allied Market Research. February 25, 2020.
to create new useable products.
06 | How we're planning to invest 38
Our top Beyond our key themes, we are constantly looking
for opportunities within markets for investors to
trade ideas
generate compelling returns in the near term.
These are our top trade ideas for 2021:
for 2021
Navigate volatility Find yield Harness megatrends
for you?
and your family. Planning holistically is the
only way you can truly build and have full
confidence in your portfolio as you weather
41
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