Goldman Sachs Group’s investment strategy team expects stocks in the U.S. and Eurozone to beat other asset classes this year despite recession fears
Goldman Sachs Group’s investment strategy team expects stocks in the U.S. and Europe to beat other asset classes this year despite recession fears.
“We expect US and Eurozone equities to be the best-performing asset classes in 2023, with total returns in local currency of about 13% in our base case scenario,” said Sharmin Mossavar-Rahmani, head of Goldman’s investment strategy group, and Brett Nelson, head of tactical asset allocation, in an outlook report. The group forecasts the MSCI All Country World Index may gain 12%.
For “cash,” Goldman used an index tracking U.S. T-Bills with 0-3-month maturities. The “moderate portfolio” seen in the chart consists of equities, fixed income and other asset classes, and is designed to track 8% volatility, according to the outlook report. “This is arguably the most widely anticipated recession in history and has already been preceded by one of the longest streaks of bearish investor sentiment on record,” Mossavar-Rahmani and Nelson wrote. “This year likely begins with recessions in two of the largest developed equity markets outside the US, the Eurozone and the UK.”
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