Higher rates and structural changes, such as tighter regulation, are reshaping both public and private markets, requiring investors to take a multi-sector and relative value approach across both opportunity sets. While there is an array of opportunities in high-quality fixed income and in areas of private markets such as asset-backed lending, certain sectors have become overcrowded, necessitating caution. Today’s environment underscores the importance of making the most of all the “parts” by using global diversification, prudent risk mitigation, and capitalising on emerging ...