2025 Investment Strategy Outlook

2025 Outlook: Base Case is Positive

Markets delivered a second straight year of robust performance in 2024 and were buoyed by “Magnificent 7” earnings, continued optimism over Artificial Intelligence, and the 2024 Presidential election. US equity investors in the S&P 500 Index were most rewarded in 2024 and investor appetite for Technology remains insatiable. As 2025 gets underway and a significant shift in US economic policy looms, will this result in a different path for markets this year? In our 2025 Investment Strategy Outlook, we explore how key themes such as the continued US dominance over non-US markets, strong earnings growth, and the incoming administration’s tariff policies could impact investors’ portfolios in the year ahead.