Asset Class Views

Global Asset Allocation Views 4Q 2025

U.S. and global growth look to be resilient in 2026. Our pro-risk tilt in portfolios is expressed through equities, while tight spreads keep us near neutral in credit. Big tech continues to lead in earnings and cash flow generation. We anticipate a weaker dollar and steeper yield curves.

Global Fixed income views 4Q 2025

Amid strong corporate balance sheets and global fiscal expansion, the U.S. is likely to avoid recession, although growth may slow. We approve Federal Reserve policymakers’ pause, given current uncertainties. We favor non-U.S. exposures, emerging market debt, AT1 securities and securitized credit.

Global Equity Views 4Q 2025

Profits seem to be accelerating and 2026 looks solid. Many of our investors have become somewhat more cautious. We suggest diversifying from recent winners and focusing strongly on quality stocks, especially in the small cap space.

Factor Views 3Q 2025

Factors fell slightly in a quarter of policy whiplash. Regions diverged: International equity factors gained while U.S. equity factors fell. Equity value is becoming more attractive globally, and we like relative value-oriented macro factors.

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