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Rebalancing the Global Portfolio
Strategic Asset Allocation in a Post-Liberation Landscape
Jahangir Aka introduces the key themes of the latest white paper.
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Key insights
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Catalyst
Trump’s tariff announcement in April 2025 accelerated the reassessment of global portfolios, exposing the risks of structural U.S. overweight. Rebalancing is now underway.
Beneficiaries
Europe, the UK, and Japan are absorbing flows as China remains constrained and India increasingly crowded.
Private Capital
Fundraising remains below the 2021 peak with pressure most acute in private equity. Capital is consolidating among the largest platforms, while LPs demand more from GPs — from co-investment and knowledge transfer to local presence and alignment.
Public Markets
Fixed income yields remain compelling, while equities face continued concentration risk driven by the dominance of the Magnificent Seven.