Shaking off a dismal 2020, most fund managers are looking towards the new year with optimism, expecting 2021 to be a year of recovery for both the global economy and financial markets. Aggressive fiscal and monetary policies are expected to continue next year, especially in Europe and the US, and it is against this backdrop that market players see pockets of investment opportunities in global markets. However, opinions diverge when it comes to the rate of economic recovery, particularly how it will affect value and blue-chip stocks, whose performance has been subdued during the pandemic. Some experts believe the recovery will be strong in 2021, while others are bracing for a K-shaped recovery (with different sectors of the economy recovering at different rates, times and magnitudes in the wake of a recession).