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1、Seeking Catalysts Amid ComplexityInvestment Outlook 2026THIS FINANCIAL PROMOTION IS PROVIDED BY GOLDMAN SACHS ASSET MANAGEMENT B.V.SEEKING CATALYSTS AMID COMPLEXITYINVESTMENT OUTLOOK 2026GOLDMAN SACHS ASSET MANAGEMENT2We are pleased to share Goldman Sachs Asset Managements Investment Outlook for 202

2、6:Seeking Catalysts Amid Complexity.The investment landscape for 2026 is poised to be shaped by multiple factors.Central bank actions,a new trade order,fiscal risks,geopolitical shifts,and AI are creating a complexyet dynamicinvestment backdrop.This underscores the importance of proactive decision-m

3、aking,and robust and diversified portfolios to navigate volatility and generate potential alpha.Our Outlook highlights ways for investors to actively seek catalysts that may drive investment returns across public and private markets.We are grateful for the opportunity to share our insights,and we lo

4、ok forward to working with you in 2026.Marc Nachmann Global Head of Asset&Wealth ManagementSEEKING CATALYSTS AMID COMPLEXITYINVESTMENT OUTLOOK 2026GOLDMAN SACHS ASSET MANAGEMENT3Key Themes for 2026Across our themes,we identify catalysts that could create public and private market opportunities.We al

5、so explore ways to recalibrate portfolios to unlock potential returns in a world of evolving megatrends.01Staying Active Amid Complexity 04Which catalysts could shape the investment backdrop and drive portfolio returns?02Navigating the Nuances in Public Markets 16Whats in store for stocks and bonds

6、in 2026?03Exploring Alternative Dimensions in Private Markets 29Whats ahead for private equity,private credit,real estate,and infrastructure?04Shifting Paradigms for Portfolio Construction 38How can active ETFs,enhanced passive allocations,tail-risk hedging and alternatives help investors recalibrat