Download the full Outlook 2020 as a PDF here


Geopolitical risks that dominated headlines in 2019 - such as the trade war - have been subsiding. If this fragile calm can persist throughout 2020, we should see a soft landing for global GDP growth.


We should avoid an earnings recession. In that scenario, equity markets could go higher and value investing return, but be wary of banks.

Fixed Income

With core bond yields likely to remain low, we expect further inflows into areas of Fixed Income with more attractive yields such as emerging markets debt.

Multi Asset and Alternatives

Tactical allocations to non-US assets such as emerging markets, alongside alternatives and income plays, could help navigate a switch in market regime.


Asian markets offer good relative earnings growth at modest valuations, but expect some rotation between and within markets.

Real Estate

In this uncertain environment, companies may face increased costs, so it is important to have long-lease tenants with strong balance sheets who can absorb those costs and afford higher rents.

Download the full Outlook 2020 as a PDF here

Fidelity International

Fidelity International

Fidelity International