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2025 Midyear Investment Outlook: Exceptional Times, Enduring Themes
Extraordinary times call for a highly selective investment approach to find resilient assets that deliver consistent performance potential.
We are watching several key themes for the second half of 2025:
US exceptionalism enters a new phase as global opportunities expand.
We believe US exceptionalism is not dead but rather entering a new phase, with support to come from a private sector invigorated by AI. Yet expanded opportunities abroad will compete for foreign investor flows amid the ongoing shifts in market leadership.
A more global vision for fixed income.
US credit and its underlying fundamentals have long been viewed as superior, but the differential is shrinking – and given the tight valuations across financial assets, we favor reducing the substantial overweight to the US toward more neutral exposures.
Equity markets face industrial tailwinds and healthcare headwinds.
We seek exposures to mispriced companies with the pricing power, scale, and flexibility to navigate recent turbulence. The rise of AI is supporting industrials, and while pharmaceuticals are a tariff target, we still see opportunities in obesity treatments and immunology, along with biotech and medical devices.
Explore our key asset class convictions
2025 Midyear Equity Outlook: Riding the Waves of Volatility
After an unsettling first half of 2025 for equity investors, we continue to seek mispriced opportunities in companies with strong prospects that are undervalued amid the market turbulence. Learn where we see opportunity in our 2025 Midyear Equity Outlook.
2025 Midyear Fixed Income Outlook: Going Global Amid Deglobalization
With US valuations stretched and the gap in credit fundamentals between regions narrowing, now is the time to diversify globally. Our 2025 Midyear Fixed Income Outlook discusses where we see attractive relative value, solid fundamentals, and underappreciated resilience across Europe, Asia, and parts of EM.
2025 Midyear Multi-Asset Outlook: A World With More ‘Brass Rings’
We believe US exceptionalism is not dead but entering a new phase, with support to come from a private sector invigorated by the “brass ring” of AI. Yet new opportunities abroad still beckon.
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Disclosure
Investing involves risk, including possible loss of principal. The information presented herein is for illustrative purposes only and should not be considered reflective of any particular security, strategy, or investment product. It represents a general assessment of the markets at a specific time and is not a guarantee of future performance results or market movement. This material does not constitute investment, financial, legal, tax, or other advice; investment research or a product of any research department; an offer to sell, or the solicitation of an offer to purchase any security or interest in a fund; or a recommendation for any investment product or strategy. PineBridge Investments is not soliciting or recommending any action based on information in this document. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by other areas of PineBridge Investments, and are only for general informational purposes as of the date indicated. Views may be based on third-party data that has not been independently verified. PineBridge Investments does not approve of or endorse any republication of this material. You are solely responsible for deciding whether any investment product or strategy is appropriate for you based upon your investment goals, financial situation and tolerance for risk.