 We remain definitively tilted to Value both locally and at a global level. Our largest Model Portfolio OWs are concentrated in Materials (+448bp), Financials (+271bp) and Energy (+220bp). At the other end of the spectrum, we are UW Healthcare (-342bp) and Staples (-303bp).

 Economic outlook: high savings rate to buffer consumption – While our Economists expect that GDP will still be undershooting pre-COVID levels by end-2022, they do envisage a robust consumption-led recovery with services outperforming. Importantly, business confidence and conditions have recovered to well above pre-pandemic levels.

 We expect FY21 NPAT to recover strongly, with our team's bottom-up forecasts pointing to a c.28% uplift in earnings. This projection puts us well ahead of market expectations, which is due in large part to Materials, where our forecasts are c.17% above consensus.

 The team’s most differentiated ideas are expressed through the 2021 ‘Super 7’, which is a cohort of stocks where our analysts stand out from the pack. This year's group includes CHC, JHX, NAB, RIO, STO, SUL and TCL.