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2025 GLOBAL INVESTMENT OUTLOOK

Building the transformation

We are not in a typical business cycle. Mega forces like AI are transforming economies, breaking historical trends. We stay risk-on as we look for transformation beneficiaries – and go further overweight U.S. stocks as the AI theme broadens out. We have more conviction inflation and interest rates will stay above pre-pandemic levels.

Investment themes

  • 01

    Financing the future

    Mega forces including AI are transforming economies. We see capital markets – especially private markets – playing a vital role in building of this transformation.

  • 02

    Rethinking investing

    This transformation raises questions about how to build portfolios for an ever-changing outlook. We think investors should focus on themes more than broad asset class views, and put more weight on tactical views.

  • 03

    Staying pro-risk

    We remain pro-risk and further upgrade U.S. stocks thanks to U.S. corporate strength. But we stay nimble. Key signposts for changing our views include any surge in long-term bond yields or an escalation in trade protectionism.

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