How do you construct portfolios in a world of zero interest rates?

For investors who require liquidity, we believe the answer is highly dependent on risk appetite. Some will have no choice to hold bonds. But for others we believe the portfolio can be made to work harder through the use of liquid alternatives, thematic investing and greater use of stock selection. For many investors, a portion of assets with less liquidity will be suitable and we show how these can be part of the solution to the return challenge.