景顺投资（Invesco）：2026年全球资产配置全景展望报告（英文版）（32页）.pdf

1、November 2025 For professional/institutional/qualified/accredited investors only 1 Global Asset Allocation 2026 Outlook Quarterly update from Invescos Strategy&Insights Team 9 November 2025 For professional/institutional/qualified/accredited investors only.November 2025 For professional/institutiona

2、l/qualified/accredited investors only 2 The Big Picture Global Asset Allocation 2026 Outlook We expect the global economy to accelerate during 2026.Coupled with Fed easing and a weaker dollar,we expect this to favour cyclical assets.We reduce government bonds and investment grade credit to slightly

3、Underweight within our Model Asset Allocation,while raising high yield to Neutral.We add AAA-rated CLOs(collateralised loan obligations)to our framework,preferring it to cash within the cash equivalents category.Among regions,we continue to favour emerging market and European assets.Model asset allo

4、cation In our view:Commodities should benefit as the global economy improves.We stay at the Maximum.Real estate(REITS)may benefit as rates fall and economies accelerate.We remain Overweight.Bank loans offer an attractive risk-reward trade-off.We stay at the Maximum.Corporate high yield(HY)spreads ar

5、e tight but may remain so.We increase to Neutral.Government bond yield direction will be mixed.We reduce to slightly Underweight.Corporate investment grade(IG)has a similar profile to government bonds.We reduce to Underweight.Equities have rebounded and we remain Underweight(Underweight the US,Overw

6、eight non-US).Cash equivalents Underweight,with the newly introduced AAA-rated CLOs preferred to cash.Gold may be helped by a soft dollar but geopolitics are improving,and it is expensive.We remain at Zero.Regionally,we favour Europe and EM.US dollar is likely to weaken and we maintain the partial h