Rising growth forecasts, increasing inflation pressure, and continued policy support appear to be the key drivers of market performance in 2021. Given this potent combination, QMA’s Global Multi-Asset Solutions (GMS) team continues to pursue a pro-risk investment strategy. On asset allocation, it is overweight stocks and commodities relative to cash and fixed income. Within equities the team is pro-risk, favoring value over growth and small-caps over large-caps. GMS favors cyclical sectors over defensive and secular growth segments. Regional equity weightings are complicated by the size of the US policy stimulus. As a higher-quality market, the US should be expected to underperform during a strong global growth rebound, but given the size of the stimulus and the success of the vaccine rollout, the US should take the baton from China as the key driver of global growth in 2021.