巴克莱私人银行：2025年年中全球投资展望报告：现实检验（英文版）（43页）.pdf

1、MacroEquitiesSustainable investingBehavioural financeMulti-asset portfolioBondsAIExecutive summaryDedollarisationCMA forecastsMarket volatilityMID-YEAR OUTLOOK2025REALITY CHECKContentsForeword 3Reality check 4Shaken but not stirred 5Rebalancing for the next phase:diversify,defend,discover 8Dont look

2、 at debt in anger 13King Dollar ponders abdication 17Our 10-year return forecasts,amid a flurry of punches 21AI:back to the future 25Choosing the right sustainable investing platform for you 29Whos afraid of market volatility?33Keep the faith,even when the going gets tough 38Multi-asset portfolio al

3、location 41Julien Lafargue,London UK,Chief Market Strategist Lukas Gehrig,Zurich Switzerland,Head of Quant Macro&Thematic Strategy Dorothe Deck,London UK,Head of Cross Asset Strategy Michel Vernier,CFA,London UK,Head of Fixed Income Strategy Nikola Vasiljevic,Ph.D.,Zurich Switzerland,Head of Global

4、Asset Allocation Patrick Bielstein,Ph.D.,London UK,Senior Quantitative Analyst Paul Wesson,D.Phil.,London UK,Senior Quantitative Developer Robert Smith,London UK,Data Scientist Damian Payiatakis,London UK,Head of Sustainable&Impact Investing Alexander Joshi,London UK,Head of Behavioural FinanceLuke

5、Mayberry,London UK,Investment Strategist Iain Martin,London UK,Investment Writer2 2MacroEquitiesSustainable investingBehavioural financeMulti-asset portfolioBondsAIExecutive summaryDedollarisationCMA forecastsMarket volatilityContributors:MacroEquitiesSustainable investingBehavioural financeMulti-as

6、set portfolioBondsAIExecutive summaryDedollarisationCMA forecastsMarket volatility3ForewordWelcome to our“Mid-Year Outlook 2025”,the investment strategy update from Barclays Private Bank.After a tumultuous start of the year,its important to reflect on the shock of the US trade tariffs and how they m