Noël gives us insight into broader macro trends, and how these are impacting equities strategy.

“We are waiting for waiting for normalisation – given the strength of the recent economic data in the US, it is urgent for the Fed to act. We certainly expect rate hikes and quantitative tightening. However, the current market expectation we believe is too aggressive.”

She also notes that these can create opportunities, however, and highlights several key trends.

“Either you play offence or you play defence. Offence will be things like the growth in technology, particularly higher quality names with strong business models and positive cash flows. On the defensive side, as the economy grows moderately in the near-term, investors may turn to more defensive stocks, in sectors such as consumer staples and healthcare.

“There are a lot of things going on, and I think this year is going to be a big year.”