With central banks distorting traditional valuation approaches, the sources of volatility are lining up to create new investment opportunities and risks across all asset classes. VUCA is alive and well and this may provide attractive entry points for growth assets. It also poses a challenge, as the efficacy of fixed income as a diversifying asset class has deteriorated. The environment requires a new approach – specifically, a disciplined, risk-based approach that considers the direction of market risk appetite to identify the right assets at the right time. This will...