高盛2024年全球策略前瞻多样化投资策略分析报告英文版19页

We are entering a more benign part of the cycle with a continuation of economic ngrowth alongside lower policy rates – a combination that has historically been positive for equities. Longer-term rates are unlikely to fall given a rebuild of term premia and higher ngovernment deficits. This, together with high US equity valuations, moderates the upside in equities at the index level. This means that alpha should become a more important driver of returns with a nbroadening opportunity set within and across equity markets. There is a growing symbiotic relationship between the potential for the nTechnology sector and growth in some parts of the ‘old economy’ as the needs for capex rollout and electrification increase. The prospects for equity returns are no longer a function of whether the sector nis classified as Growth or Value; it can be a bit of both. We look for opportunities to improve risk-adjusted returns through more regional ndiversification. We expect broadening market participation