2025 Investment Outlook

Finding Alpha as the Cycle Turns

With further rate cuts on the horizon and a more sanguine economic backdrop, we see fertile ground for investors in 2025.

We see three macro themes that will shape the course of investing in 2025:

1

A rare non-recessionary rate-cutting cycle takes shape.

2

With growth and productivity likely to rise, expect broader participation in the upside.

3

After 2024’s slowdown, China lays out plans to expand its central bank balance sheet.

Explore our key convictions for each asset class in our 2025 Investment Outlook.

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2025 Equity Outlook: Policy Clarity Brings Fundamentals to the Fore

With many of 2024’s policy uncertainties largely resolved, we foresee a return to a focus on fundamentals in 2025: where “strong” companies are recognizably strong, “weak” companies demonstrably weak, and the distinctions between the two much clearer. This bodes well for careful stock selection.

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2025 Fixed Income Outlook: Centrist Portfolio Positioning Amid Hyper-Bullish Sentiment

We believe an era of “watchful neutrality” in fixed income may be settling in for 2025 – yet with a slight leaning toward risk and an emphasis on greater diversification. Here is where we’re seeing opportunities.

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2025 Multi-Asset Outlook: Brash Disinflationary Pro-Business Policies Meet Inflationary Populism

While Donald Trump’s tariff, immigration, and tax proposals are currently billed as “run hot” policies, there is a pro-business and pro-supply-side bent to other areas of policy – which means 2025 will likely see a tug-of-war between these inflationary and disinflationary supply-led forces. We look at the implications for multi-asset portfolios.

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Spotlight on Asia

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2025 Asia Fixed Income Outlook: A Key Global Diversifier Stays Strong

Asia’s credit markets are rich with opportunities despite geopolitical and monetary policy risks in 2025, and investors who add actively managed Asia bonds to their global portfolios could enjoy diversification benefits including higher return potential and lower volatility.

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Explore our investment capabilities

Positioning across the spectrum to uncover opportunities and risks

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