1、Reasons to RecalibrateAsset Management 2025 OutlookThis financial promotion is provided by Goldman Sachs Asset Management B.V.GOLDMAN SACHS ASSET MANAGEMENT2NOVEMBER 2024REASONS TO RECALIBRATEASSET MANAGEMENT 2025 OUTLOOKWe are pleased to share Goldman Sachs Asset Managements 2025 Outlook:Reasons to

2、 Recalibrate.Investors face a range of new dynamics in 2025.Inflation has continued to slow,economies remain resilient and interest rate cuts are underway.We expect the magnitude and pace of monetary policy easing to be in focus throughout the year.In our view,the direction of travel toward more acc

3、ommodative monetary policy will create new opportunities across public and private markets,but in an environment that is no less complex.While macroeconomic imbalances have receded,the aftereffects of a mega-election year globally and a second Trump presidential term in the US add new uncertainties

4、around inflation,growth,and international trade.Investors must also navigate the evolving intersections of geopolitics,supply chain shifts and the rise of artificial intelligence.A dynamic environment provides reasons for investors to recalibrate their portfolios,and we see several potential ways to

5、 do so.In our outlook,we have synthesized our views into five key themes and the investment opportunities they could create:1.A New Equilibrium 2.Landing on Bonds3.Broader Equity Horizons 4.Exploring Alternative Paths 5.Disruption from All Angles We are grateful for the opportunity to share our insi

6、ghts and we look forward to working with you in 2025.IntroductionMarc Nachmann Global Head of Asset&Wealth ManagementGOLDMAN SACHS ASSET MANAGEMENT3NOVEMBER 2024REASONS TO RECALIBRATEASSET MANAGEMENT 2025 OUTLOOKA New EquilibriumWe expect rate cuts to progress in 2025 across most developed and emerg