'Balance Should Trump Tails' - Goldman's Top 5 Trades For 2025

Goldman Sachs Portfolio Strategy Research group remains modestly pro-risk in their asset allocation with friendly baseline of stable global growth, further declines in inflation and continued central bank cutting cycles.

In a lot of regards 2024 turned out to be a continuation of the cross-asset performance patterns from 2023.

The Magnificent 7 outperformed again materially and European banks were the strongest sector in Europe - Bitcoin also performed very strongly again, boosted more recently by President Trump’s re-election. In contrast to 2023 both Gold and US banks performed much better and Nasdaq performed less well. Japanese bonds, the Yen and long-dated US treasuries were the worst assets and value again underperformed growth, albeit less than in 2023.