As we reach the mid-point of 2025, our long read reflects on the key drivers that shaped global markets in the first half of the year—and outlines the major themes we believe will define the second half and beyond.
The first half of 2025 marked a significant inflection point, with a clear shift in leadership across asset classes, regions, and sectors. Looking ahead, we expect more muted index returns as starting valuations are elevated, though pockets of opportunities remain. Secondly, the ongoing AI-driven euphoria leaves market sentiment vulnerable to disappointments, and lastly, persistent policy uncertainty will remain central to the investment landscape.
Read the July Portfolio Perspectives here.
