Investing amid the current macro-economic turmoil means achieving "balance" across a portfolio, according to the guests on the latest FTAdviser Podcast.
The start to 2022 was a rocky one for equities, with the MSCI World index losing 14 per cent year to date.
But recent weeks have provided some respite for equities, with most markets rebounding to some extent and the MSCI World up 7.5 per cent.
Speaking on the FTAdviser Podcast, James Thomson, manager of the £3.6bn Rathbone Global Opportunities fund, said: "We're in a world of erratic and inconsistent returns, where factor and style shifts blaze up quickly and then burn themselves out.
"I think we will see large divergences. Particularly by sector and style, and just as we saw oil and gas stocks up 60 per cent at one point this year, we will see similar inflections in other sectors.
"Many just want to retreat but I think that would be wrong. Market timing is a dark art and some of the best returns come when you least expect it.
"I think this is an environment that calls out for balance. A blend of reopening in pandemic winters, pro-cyclical and defensive, reflation and resilience and, yes, growth and value. I don't think it's the time for one-way bets."
John Moore, senior investment manager at Brewin Dolphin, said using a playbook from previous market conditions could be "dangerous" and investors needed to recognise the way the world had changed this year.
He said: "I don't think volatility is a bad thing. We are all afraid of it and it is not the certainty that we crave but volatility creates opportunities and we have to try and condition ourselves to being more aware of and accepting of volatility.
"For me that's about refreshing what underlying client views of risk are, what their duration and investment aims are.
"Staying in the game, being invested and being patient is the right thing to do. The warmth of alternative strategies like running into cash is a very temporary warmth and as much as it feels nice at some point [...] history shows you these things can change very quickly."
To listen to the full podcast click play on the player above. FTAdviser's podcasts are also available on Apple Podcasts, Spotify, Google Podcasts, Stitcher and Acast.
damian.fantato@ft.com