We enter 2016 with a continued neutral stance with regard to growth versus defensive assets overall. With the global equity bull market maturing and entering its 8th year, risks appear evenly balanced. On the one hand, the rally remains underwritten by central bank support if need be, due to low global inflation and ample spare economic capacity. On the other hand, prices have run ahead of corporate earnings of late, resulting in outright price-to-earnings valuations at above average levels. If you want to read the full outlook report click here: (VIEW LINK)