The last decade has seen a growth bias among financial assets, one that has become entrenched in equity indices. At the same time, bonds seemingly shed much of their protective qualities, offering investors very little by way of diversification.

Investors should not expect everything to go ‘back to normal’ in 2023, says Melda Mergen, Global Head of Equities, Columbia Threadneedle Investments. Higher inflation and a weaker economic environment will mean not all companies will thrive.

European pension funds say reducing absolute portfolio volatility is their top risk management priority, as geopolitical tensions and high inflation continue to impact global investment markets.

The recently theorised phenomenon of "disruption" is defined as a process whereby a product, a service or a solution disrupts the rules on an already established market. Technological progress, along with the globalisation of trade and demographic changes are now helping to spread it to every sector of the economy.