Insights 2025

26 February 2025

The 2025 investment landscape is characterised by rising disruption and uncertainty. The evolving policy mix combines growth-supportive measures such as fiscal support and deregulation, along with restrictive policies in the areas of trade and immigration. Global economic growth, which reached 3.2% in 2024, is expected to ease to 3.1% in 2025 and 2026, but with much greater regional divergences. Inflation will remain more persistent than expected.

In this uncertain environment, diversification and flexibility are key. Market shifts will create both risks and opportunities. In Insights 2025, we explore the key trends shaping investment decisions in the year ahead. Download the full report for our full analysis and insights.

5 Key Takeaways

Era of Disruption

Rapid shifts in politics and technology are redefining the status quo. Advancements in artificial intelligence, alongside changes in global trade, immigration, and international alliances, are significantly reshaping our world.

Resilient Growth Under Pressure

While the fundamentals for sustained resilient growth remain intact, ongoing policy uncertainty could dampen business and consumer sentiment and challenge overall economic resilience.

Diversification as a Necessity

In an environment marked by elevated interest rates and potential market volatility, building highly diversified portfolios is essential to navigate a broad range of economic scenarios effectively.

Active Management for Opportunity

Active management plays a crucial role in capitalizing on market dislocations. By focusing on contractual income streams, cost-effective Absolute Return strategies, and specialised Private Market and co-investment opportunities, investors can uncover hidden value.

Advanced Endowment Approach (AEA)

Our core investment framework emphasises the importance of the right portfolio building blocks, strategic asset allocation, and rigorous risk management. The Advanced Endowment Approach is designed to stay ahead of emerging trends and safeguard long-term growth.

Main Authors

Kamran Moghadam
Partner, Global Head of Macro and Tactical Asset Allocation

Alex Band
CIO

Arjun Raghavan
CEO

Contributing Authors

Nick Albertini
Senior Principal, Macro Research

Emma Bewley
Partner, Head of Credit

John Beil
Managing Director and Head of Private Equity and Real Estate

Sam Diedrich
Managing Director and Head of Managed Account Platform

Christoph Günther
Managing Director and Head of Public Markets

Oliver Rising
Senior Associate, Client CIO

Rob Skelton
Senior Principal, Macro Research

Scott Ward-Corderoy
Associate, Client CIO

Lewis Watson
Senior Associate, Client CIO