Opalesque Industry Update - Members of the Group of Boutique Asset Managers (GBAM) are squaring up to 2025 by focusing on their usual 'bottom up' approach. But regardless of where they are on the globe, it's clear that consistent themes are emerging at the macro level as well as some distinctly local ones in their 2025 outlooks.
They spot concentration risk in the US, Geopolitical risk raising prospects of 'grey swans', and inflation risks ongoing. There are fiscal and trade policy decisions that remain unknown, and an incoming Trump administration. Valuations remain elevated in certain equity and fixed income markets.
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