Six major pension investors chart the risks and opportunities ahead as the world moves into a recovery phase The beginning of a massive vaccination campaign in Europe in the final days of 2020 means that the end of the COVID-19 pandemic could be in sight. Assuming a successful rollout, a continued slowdown of infection rates and little damage from a potential third wave, this year the hope is that economies will start to grow more strongly and consistently following the wild swings in economic activity in 2020. While by no means certain, a secure trajectory would bode well for institutional investors, whose portfolios show limited damage from the market crash of March 2020. Markets recovered steadily thanks to massive stimulus packages by central banks and governments, even if asset prices have raced ahead of economic fundamentals.