Renato Zaffuto

There is looming uncertainty in the US around the policies of the incoming administration, potential deregulation, tariffs and restrictions on immigration, as well as how they will affect Federal Reserve trajectory. On top of all that, a global economy with moderate growth, inflation falling path and monetary easing should encourage investors to hold exposure to equities and other risk assets, getting a touch on more spread over among geographies and sectors.

Heading into 2025 and ongoing across the year, we expect more and more convincing signs about rotation and rebalancing of risk asset portfolios exposure towards segments and areas that are more attractive under a new normal global environment getting out from US exceptionalism.

Our most important investment call is based on preparing to exploit opportunities in rebalancing toward the direction of world equal-weighted exposure. These are: global emerging markets (in a selective way), of AI and digital spread over second-tier players beyond Magnificent Seven, of US healthcare, of mid-caps and searching further income sources lowering bond yields.