Markets are putting more stock in broadening equity returns and a greater fixed-income term premium than growth risks posed by a potential rise in tariffs.
Three clear shifts – improving macro, continued central bank easing and the potential for more balanced performance across asset classes – could favour active managers in 2025.
Donald Trump’s policy agenda could have profound implications for the US economy and global markets. Our equity, fixed income, multi-asset and convertible bond teams assess three key impacts.
We outline convictions and allocation calls for our long-only strategies, given the US macro picture, Europe’s economic divergence and China’s stimulus.
