We enter 2016 faced with familiar challenges to 2015. While returns have been anaemic, increased volatility has not been sufficient to reset prospective returns to levels that would make us interested in deploying cash and taking more risk. In short, our return expectations for the major asset classes are not materially different to where they were a year ago and as a consequence, Strategy positioning is also not materially different to how it was a year ago. We continue to believe that until risk premia rebuild, caution needs to prevail. This is likely to mean another tough year for investors. Our current positioning reflects this. You can read further at “Real Matters – Managing chronic anaemia” (VIEW LINK)