China too has taken a different pathway in As the dispersion of returns increases, investors 2022, thanks to its zero-Covid policy and the will be able to seek out idiosyncratic elements in reining in of its property market. In the next 12 their portfolios rather than rely on whole market months, we expect policymakers to continue moves to generate returns. Opportunities should to focus on reviving the economy, investing in also begin to emerge among securities driven longer-term areas such as green technologies by longer-term themes such as decarbonisation and infrastructure. Any loosening of Covid and reindustrialisation, which could draw investor restrictions will cause consumption to pick up. attention sooner rather than later. The deglobalisation that has arisen from the pandemic and tensions with the US will take time to work its way through but is a theme that will grow. In this Investment Outlook, our asset class experts consider how to navigate this unusual crisis- driven cycle in 2023. Emerging markets and Asian countries, with a weaker growth correlation with the US and Europe, present one way to increase diversification, while cash and quality investment grade securities offer defensive characteristics. Traders work on the floor of the New York Stock Exchange. Credit: Spencer Platt / Staff, Getty Images. 5 Investment Outlook Fidelity International