Invesco景顺投资：2025年第二季度全球资产配置全景展望报告（英文版）

The world seems a less certain place but we think falling policy rates and rising real wages will boost global growth. We expect this to favour cyclical assets. Within our Model Asset Allocation we continue to favour commodities and boost REITS to the maximum allowed. We also raise equities to Neutral (Underweight the US and Overweight all other regions). For balance, we maintain the Maximum exposure to bank loans but reduce government bonds to Underweight and investment grade to Neutral. Across