‘It’s darkest before dawn’: The global head of portfolio construction at a $311 billion firm explains what investors should buy for exposure to the market’s upside

• In the face of an impending downturn, investors have been flocking to defensive assets.
• But Adam Hetts said that investors who aren’t also playing offense might miss out on big gains.
• Hetts shared the perfect mix of both defensive and offensive equity classes for investors to buy.

As concerns about a recession and uncertainty around the Federal Reserve’s rate-hiking cycle have heated up in recent months, markets have grown fraught with fear. Investors have responded to these near-term cyclical headwinds by pivoting out of riskier assets and into more defensive holdings instead.