把握变革主线，制胜未来五年：谁将成为市场的长期赢家？

*Simulated data and projected forecast figures presented in in the Appendix are figures that are hypothetical, unaudited and prepared by Pictet Asset Management (Europe) SA. The results are intended for illustrative purposes only. Past performance is not indicative of future results, which may vary. Projected future performance is not indi­cative of actual returns and there is a risk of substantial loss. Hypo­thetical performance results have many inherent limitations, some of which, but not all, are described herein. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown herein. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. The hypothetical performance results contained herein represent the application of the quantitative models as currently in effect on the date first written above, and there can be no assurance that the models will remain the same in the future or that an application of the current models in the future will produce similar results because the relevant market and economic conditions that prevailed during the hypothetical performance period will not necessarily recur. There are numerous other factors related to the markets which cannot be fully accounted for in the preparation of hypothetical performance results, all of which can adversely affect actual performance results. Hypothetical performance results are presented for illustrative purposes only. Indexes are unmanaged, do not reflect management or trading fees, and it is not possible to invest directly in an index. There is no guarantee, express or implied, that long-term return and/or volatility targets will be achieved. Realised returns and/or volatility may come in higher or lower than expected. A full list of the assumptions made can be provided on request.
**Based on volatility matching portfolio, with global high yield added to risk allocation and with global investment grade added to risk-free allocation, while keeping notional risk allocation the same. For optimised portfolio, allocations are as follows: for 60/40, 47.2% equities, 12.8% HY, 40% IG; for 50/50, 34.3% equities, 15.7% IG, 50% HY; for 40/60, 21.4% equities, 18.6% HY, 60% IG; for 30/70, 8.5% equities, 21.5% HY, 70% IG. Benchmarks are MSCI ACWI, FTSE WDBI, ICE BofA Global HY, ICE BofA Global IG. Data covering period 01.05.2004-30.04.2024AboutPictet Asset Management's Strategy Unit (PSU)The PSU is composed of 23 of Pictet Asset Management’s most experienced multi asset and fixed income portfolio managers, economists, strategists and research analysts. The group is based across six locations globally. They are responsible for providing asset allocation guidance over short-term and long-term horizons across stocks, bonds, commodities and alternatives.