Annual outlook 2025: A strategy for diverging markets

Teaser video with Dr. Marcel V. Lähn: A first insight into the key topics of the annual outlook

Key theses for 2025 and implications for investors

• Global Outlook: Monetary easing meets inflationary threats and geopolitical risks from the Trump agenda. A diversified asset allocation and a robust multi-asset approach with active risk management are crucial.
• Equities: Regional and sectoral focus pays off - exploit opportunities outside the US and in value stocks, while the US sub-sector remains relevant despite valuation overhang.
• Bonds: Dynamic interest rate environment creates selective opportunities, whereby “long duration” remains strategically relevant and corporate bonds are only attractive to a limited extent.
• Commodities & precious metals: Geopolitical and environmental trends make crude oil and industrial metals attractive; gold remains interesting in the long term and can serve as a geopolitical hedge at times.
• Money and currencies: Moderate dollar strength and a benefiting yen due to monetary tightening require agile currency management and avoidance of excessive dollar exposure.
• Private Markets: Infrastructure, transportation and private debt offer particular opportunities with high yield levels despite interest rate cuts, while secondary funds offer attractive discounts.
• Hedge funds: Market-neutral strategies and convertible bond arbitrage are benefiting from current imbalances, with a focus on diversifying systematic approaches.
• Digital assets: Bitcoin is establishing itself as a store of value, while altcoins offer potential and positive drivers predominate.
• Volatility strategies: Increased volatility offers attractive return potential and remains an important portfolio component in the face of numerous uncertainties.
• Real estate: Falling interest rates create new opportunities, whereby energy standards are crucial and price adjustments are well advanced. 

Video statements: A look behind the scenes

You've never seen the FERI Annual Outlook like this before! For the year 2025, we have not only discussed and documented our assessments and prospects for our nine asset classes, but also recorded them in video statements. Together with our CIO, Dr. Marcel V. Lähn, our investment experts shed light on what investors think will be really important in the coming year.

Global Outlook

• Macroeconomic perspective: Axel Angermann
• Asset Allocation: Dr. Eduard Baitinger
• Asset Management: Carsten Hermann
• Asset Management: Dr. Wolfgang Baums
• Equities: Nikolaos Soumelidis
• Bonds: Thomas Gerner
• Commodities & precious metals: Thomas Gerner
• Money and currencies: Thomas Gerner
• Traditional Alternative Investments: Marcus Storr
• Private Markets: Nicole Grützmacher & Robin Haber 
• Hedge funds: Dr. Thomas Maier
• Digital Assets: Rico Höntschel
• Volatility strategies: Rico Höntschel
• Real estate: Robin Haber