Invesco景顺投资：2025年全球资产配置全景展望报告（英文版）

US assets usually perform well in the year after an election. Hence, given that we expect less inflation, easing central banks and more growth, we think 2025 should be a good year for financial markets. However, we embrace risk cautiously after strong price gains in 2024. We reduce cash to zero and government bonds to Neutral within our Model Asset Allocation, while increasing investment grade, bank loans and REITS (all Overweight) and high yield (still Underweight). Across regions we prefer