Quarterly report
Rising uncertainty and divergent global macro lead to high dispersion in performance between countries, industries and asset classes
Key highlights:
- Diverging growth: global economies are on different paths for 2025
- Rising uncertainty fuels asset class disparities
- Corporates have stronger fundamentals on average and better balance sheets than governments
- US equities continue to lead, but non-US equities also perform
- Emerging markets are experiencing a valuation re-rating, but selectivity remains key
- Digital assets: evolving role in diversified portfolios
- Listed alternatives: strong total returns are comparable to equities and higher income yield
Published quarterly, this report covers:
- Key macroeconomic influences and their implications for financial markets
- Core drivers across asset classes – and what they are indicating
- Cross-asset analysis – expectations, risk premiums, return and risk, correlations and more · Implications for asset allocation and portfolio construction
- Market analysis provided exclusively via our indices, and LSEG and Lipper fund flows data – enabling apples-to-apples comparisons across asset classes and global markets
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