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Global Investment Returns Yearbook 2025

With 125 years of data, the ۶Ƶ Global Investment Returns Yearbook 2025 provides the historical evidence and perspective needed to underpin future investment strategy. Discover how the first quarter of the 21st century’s market performance compares with that of the 20th century.

Our Chief Investment Office team of investment specialists works across key financial hubs worldwide and around the clock to identify the latest investment opportunities and market risks which can help you achieve your financial goals.

Benefit from our leading CIO insights, and find out more about: 

  • Investing under Trump 2.0: Uncertainty and market volatility could persist as Trump’s policies take shape. But investors can bolster their portfolios by positioning for several enduring trends.
  • CIO House View: the impact of current economic trends on asset allocation based on our assessment of the global economy and financial markets.
  • Economics. Without jargon. Daily insights on a wide range of topics from Paul Donovan, our Global Chief Economist.

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CIO House View

Investing under Trump 2.0

CIO Alert | Trade war: Our latest views

Markets have been digesting the impact of one of the biggest changes in US economic policy in a generation. In the near term we think the direction for effective tariff rates could be higher still, but over a three- to six-month horizon, in our base case we do think that the effective tariff rate will start to gradually reduce.

Trump's tariffs: Assessing the impact on individual countries

In assessing the tariff impact on individual countries, it is important to consider the difference between the “headline” tariff rates and the “effective” tariff rates, once we account for exemptions. We also need to consider existing tariff rates, on top of which the 2 April tariffs are generally “stacked”.

Why we're not worried—and you shouldn't be either

It's never easy to go through a market sell-off. We offer three reasons to be confident and calm, even during market drawdowns.

Economics. Without jargon

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