PM remains cautious but sees reason for optimism.
Some regions will fare better than others.
Covid lockdowns and property aren't the only risks.
Avoid stocks with a high level of sensitivity to the economy.
Higher wages may outlast more transitory factors.
Zero-Covid policies have been a drag on returns.
Pandemic restrictions and a Chinese tech crackdown have weighed on markets.
After a sluggish start, the recovery is gathering steam.
The U.S. and Asia offer more upside than Europe, PM says.
Look beyond growth versus value, portfolio manager says.