Welcome to our 2022 Spring edition of Investment Perspectives.

It has been a tumultuous period since our last edition. In the third week of February, the UK government lifted the last of its COVID-19 restrictions – but the relief was to be short-lived. Mere days later, Russia launched its invasion of Ukraine, triggering an exodus of refugees and a sharp fall in global equities. Markets have since recovered some ground, but commodity prices have proven stubbornly high, which has contributed to rising inflation from already heightened levels. Indeed, headline Consumer Price Index (CPI) touched a 30-year high in February, and has stayed well above the Bank of
England’s target ever since.

In this edition, Chris Arcari considers the future path of inflation and global growth, and the outlook for key asset classes in his Capital Markets Update. In addition:

• Philip Pearson and Linda McAleer profile infrastructure, asking if the investment case for the asset class continues to have merit
• Penny Cochrane discusses how real estate debt has evolved in recent years, the drivers shaping the investment opportunity, and the key considerations for investors
• Oriana Mezini explores the prospects for Chinese equities in the wake of significant structural change and capital market reforms.

As we progress through spring and into summer, we hope for a prosperous year ahead. Last but not least, we send our best wishes to those clients and readers who have been personally affected by the conflict in Ukraine.

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