In this year’s investment outlook, we tackle these central investment themes that define the future path for markets and are critical in determining how to position portfolios for the cycle ahead. While these factors will likely lead to greater volatility for markets, we believe the strong fundamental and supportive policy backdrop for growth and earnings remains intact and should help extend the equity market cycle into 2022, albeit with lower and bumpier returns than we saw in 2021. Given the meagre returns offered from fixed income, we see investors continuing to search for alternative yield sources, such as real assets which can offer greater diversification and resilience in the face of lingering inflation risks. We also see a continued focus on environmental, social and governance (ESG) issues shaping the global regulatory landscape and influencing corporate strategy and capex plans into 2022 and beyond. In this context, we highlight the key ESG trends that investors should follow with an eye on both the risks and opportunities that stem from a transition to a more balanced and sustainable world.