Investment Trends in Focus: Key Themes for 2025

Over the past decade and a half, global investment patterns have shifted decisively, with the U.S. increasingly outpacing other major markets. Yet history suggests this advantage cannot last indefinitely. While technology-driven U.S. mega caps have dominated, growth has broadened elsewhere, and private assets face resetting valuations and evolving capital flows. Meanwhile, Asia’s rising energy demand and China’s renewable push present fresh avenues for potential growth, even as shifting trade policies expose market vulnerabilities.

These overlapping forces — spanning technology leadership, the energy transition, private asset growth and U.S. policy shifts — carry significant implications for investors’ most important decision: asset allocation.

Ashley Lester explores these themes, offering a perspective on the forces that will shape investment risks and opportunities in 2025.