European equity markets are off to a promising start in the first days of 2021. Risk factors including Brexit and the US elections have dissipated, and with the vaccine rollout underway, it seems likely that the economy will reopen by the summer. In our first podcast of the year, Maarten Geerdink, head of European equities, explains why we believe 2021 should offer a constructive backdrop for European equities and where we still see potential for headwinds. He also discusses why the European recovery plan should bolster small caps, why cyclical stocks should be especially well positioned for outperformance, and how taking an adaptive approach can help investors stay the course over the coming year.