Market GPS

Manager
outlooks 2025

Insights for a Brighter Future

Investment team insights to help you navigate the risks and opportunities ahead. Explore asset class overviews and more focused outlooks from our portfolio manager experts.

Equities

Football in goal

Featured Outlook

A more dynamic playing field for equity investors

Heads of Equities Marc Pinto and Lucas Klein outline why a market broadening that started in 2024 could continue into the year ahead, creating opportunities for active investors.

More lights are turning green for listed real estate in 2025

Guy Barnard discusses the alignment of multiple supportive factors for listed REITs in 2025.

Secular growth drivers align for emerging market equities

Daniel Graña sees a compelling case for long-term investors to maintain an allocation to emerging market equities.

Global themes are where European equities can find their magic

Portfolio Manager Tom O’Hara discusses favourable geopolitical dynamics and a potential cyclical recovery for European equities in 2025.

Fixed Income

Featured Outlook

Stargazing in 2025: Bond market opportunities

As shifting politics collide with economic realities, what might this mean for fixed income? Jim Cielinski, Head of Global Fixed Income, focuses the telescope on prospects for the new year.

Milky Way on Ice Lake in Winter Grassland

Adjusting the recipe: What’s the right mix for balanced portfolios in 2025?

In his 2025 outlook, Greg Wilensky outlines the most likely scenarios for the U.S. economy and the potential implications for major asset classes.

Yield on the table: Why multisector may make sense in 2025

John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing in his 2025 outlook.

Divergence creates opportunities in global investment grade in 2025

James Briggs and Tim Winstone explore how active bond investors can position for divergence and uncertainty across economies amid tight credit spreads.

Multi-Asset & Alternatives

Monte Gelato waterfalls in Lazio region, Italy

Featured Outlook

Widening the aperture in a late-cycle economy

Adam Hetts, Global Head of Multi-Asset, balances the opportunities presented by the extension of the economic cycle and the risks posed by policy uncertainty and elevated valuations.

Alternatives – all potential outcomes are on the table for 2025

Should investors consider allocating more to liquid alternatives in an era where disruption might become the norm?

Panel discussion

Our experts from across asset classes discuss their views on the route ahead and how to position accordingly.

Speakers: Matthew Bullock, Kareena Moledina, Luke Newman and Richard Clode

Investment outlook 2025

Expert views to help you navigate markets in the coming year.

There is no guarantee that past trends will continue, or forecasts will be realised.