Multi asset

Donald Trump looks to have secured a sweeping victory in US elections. We consider the implications for economic growth, inflation and financial markets.

While markets have so far been relatively sanguine about the coming US presidential election – it has taken a back seat to growth scares, the start of the US easing cycle and China's stimulus – investors will do well to focus on implications for individual assets as the poll draws closer.

Private assets can be a good source of returns, but they need to be considered in light of the whole investment portfolio's characteristics rather than as a discrete element.

Pictet Asset Management is a leading expert in multi asset passive investing, with over 35 years of experience managing passive funds and a combined assets under management of CHF 72 billion.

Investors are clinging to cash now that it offers a level of income not seen for more than a decade. But in doing so, they're missing out on much better opportunities.

Betting against the US economy was a mistake, while hopes for China's revival were dashed. Chief strategist Luca Paolini runs the rule over a tumultuous year.

US stocks look set to trail European and Swiss equities in a year that will also see bonds gain in response to slower growth.

Chinese stocks, however unloved they maybe now, should remain a strategic part of global investors' portfolios.

A peak in official rates should offset subdued growth and still-high inflation in 2023, to the benefit of quality bonds and emerging markets.

The private lending market is booming. That brings new investment opportunities – but also increased risks.