After two years of positive performance across the board, with almost no asset class in negative territory, 2018 is marking a change of direction, with an unprecedented percentage of asset classes in red. This may cause a sense of uncertainty among investors facing uncharted waters ahead. The challenge has been even bigger for European investors still living in a zero-rate environment, facing the challenge of no returns on the bond side and losses across all risk assets, exacerbated by idyosincratic stories such as the Italian budget confrontation and by the still uncertain Brexit scenario.