WDI - 10 For 2021 - Midyear Update

• We think inflation is likely to fall back, but we are more sensitive to upside risk than at the start of the year.
• Evidence of longer-term investment in more and more sectors continues to build.
• Flexibility and a tactical approach across the full range of credit markets has been a key source of return opportunities.
• We still expect the shadow of secular stagnation to help growth stocks eventually, but current dynamics could extend beyond this year.
• Evidence of the quality-growth tilt in private equity portfolios continues to build.

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