In the following pages, UBS portfolio managers across a broad array of both growth- and income-oriented strategies in the traditional and alternative spaces consider the biggest risks and greatest opportunities they face as we enter 2017.

While our investors highlight a number of challenges in the months ahead, there is a recurring theme throughout: dislocation in markets and changing price relationships relative to historical norms continue to present compelling opportunities across global asset classes for the right strategies and skilled investment professionals to deliver the outcomes that clients expect.