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The first quarter of 2020 was an extremely weak period for markets, reflecting the economic shock of the COVID-19 pandemic spreading across the globe. Central banks and governments around the world reacted by loosening monetary policy and implementing aggressive emergency fiscal measures.

After more than 10 years of strong market performance across asset classes, we believe investors should be heading into 2020 with a much more cautious view regarding risk. The unprecedented coronavirus pandemic, lingering geopolitical concerns and fears of escalating trade tensions between the world’s two largest economies all pose significant headwinds in the year ahead and beyond.