Our return forecasts continue to highlight the risks associated with relatively stretched valuations. The recent pick-up in volatility and re-pricing of equities (mainly) and credit (secondly) has done little to fundamentally change the outlook. This is largely because of the extent to which a large part of the valuation anomaly is structural and unlikely to change unless we see a material re-pricing of risk. You can read further at “Real Matters: The real and the imagined” (VIEW LINK) or in more detail at “Real Matters: Multi-Asset: Update & Outlook” (VIEW LINK)