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Volatility is expected to rise in the coming weeks. However, we anticipate that US equities will provide significant returns and outperform other markets over the course of the year, driven by stronger structural growth factors, reduced tariff-related economic risks, and healthy earnings growth. Investors should consider approaches to phase in and buy on dips in broad US equities and companies featured on our “AI” list.

We foresee a vast future market for our new Longevity idea. Recent market declines have, in our view, created an opportune moment to invest, particularly in the US health care sector. In the short term, we expect clearer policies and positive developments, such as updates to government health care programs, to bolster growth. And as people live longer, wealthier, and healthier lives, we anticipate a growing demand for products that extend healthy lifespans

European and Asian markets began the year on a strong note, supported by increased European fiscal spending, AI proliferation, and China's pro-business shift. However, tariffs and heightened geopolitical risks may affect growth. We recommend selectivity, favoring beneficiaries of increased fiscal spending and small- to mid-cap stocks in Europe. In Asia, we are drawn to Taiwan's structural growth market and defensive strategies centered on mainland China's state-owned enterprises. Additionally, we see structural growth opportunities in sectors like power and resources.

With bond yields remaining high despite equity market volatility and heightened economic risks, we believe investors should seek durable portfolio income and optimize cash returns. High grade and investment grade bonds offer attractive risk-reward, in our view, and we like diversified fixed income strategies (including senior loans, private credit, and equity income strategies).

The US dollar has adjusted to a weaker level, as slowing US growth, fiscal stimulus in Europe, and concerns about US policy have weighed on the greenback. We favor using peak tariff concerns to reduce US dollar exposure. Directionally, we believe that the biggest opportunity is long the Japanese yen.

Trade tensions, geopolitical uncertainty, and rising growth risks are continuing to spur demand for gold among private and institutional investors. We expect gold, now above USD 3,000/oz, to continue serving as a hedge against geopolitical and inflation risks. We forecast oil at USD 80/bbl by year-end, noting an undersupply despite reported surpluses, and rate it Attractive. Capital preservation strategies can limit losses while maintaining exposure to gains, although rising volatility may increase costs.