In this edition of Perspectives, we explore how investors can seek out potential opportunities across public and private markets as confidence in the macroeconomic outlook continues to build. Today's rapidly changing environment calls for new ways of thinking, and unique views of expansive breadth and usual depth. In Asset Management Perspectives, our investment professionals across geographies, sectors, and strategies explore today’s risks and tomorrow’s solutions to long-term challenges. We connect public and private markets and discuss the opportunities playing out across the real economy. And we do this from our vantage point as a leading global asset manager at the nexus of the world’s capital markets. Confidence in the macroeconomic outlook continues to edge up as we move further into 2024. Growth remains resilient, inflation has fallen globally, and financial conditions are loosening. Signals suggest corporate sentiment is improving too. M & A activity has recovered from rock bottom levels with management teams appearing more comfortable making deals. Still, this is no time for complacency. It is hard to have absolute confidence that the inflation fight has been won. Recent inflation reports have tempered expectations of interest rate cuts in the US and indicate that the “last mile” of inflation persistence remains ahead of us. A reacceleration in growth and renewed price pressures cannot be ruled out. At the same time, the risk of recession has not completely disappeared. Unresolved conflicts, geopolitical competition between nations, and upcoming political elections globally, continue to present uncertainties. In an environment offering reasons for caution, but also some optimism, we believe balanced and diversified portfolios can combine resilience with opportunities to generate returns. In the equity market, an active approach may help investors navigate concentration risk and uncover more reasonably priced pockets of the market. Attractive yields may still be found in core fixed income given where interest rates stand today. Alternatives, including private equity, private credit, and hedge funds, also present opportunities, though we expect manager selection and company fundamentals to become increasingly important We continue to look toward long-term future growth opportunities. At a country level, India stands out as a stronger-for-longer economic growth story, backed by reforms efforts, favourable demographics, and supply chain shifts. Megatrends that transcend borders are also reshaping economies and capital markets. For instance, we see an expanding set of opportunities to invest in and with artificial intelligence (AI). Investors also have more levers at their disposal to advance financial inclusion and sustainability goals without sacrificing returns. Changing economic conditions, uncertain geopolitics and accelerating secular shifts mean tomorrow is likely to be more complex than today. We hope this edition helps you build confidence to seek out investment opportunities and navigate challenges ahead.