1、The Year of the Alpha Bet We are entering a benign part of the cycle;interest rate cuts that coincide withneconomic growth tend to be supportive for equities.Nevertheless,global equities have already risen 40%since October 2023 leavingnthem more vulnerable to any disappointments.Equity valuations ha

2、ve increased and leave little room for further valuationnexpansion.We expect index returns to be driven largely by earnings growth.We forecast total equity returns in US$of 10%through to the end of 2025.nGiven high valuations and unusually high concentration in equity markets,wenfocus on diversifica

3、tion to improve risk adjusted returns.We prefer a more eclectic mix of sector and styles with an increase in focus onnAlpha relative to Beta.We highlight 4 themes:market broadening opportunities,selective value,ngeographical diversification and enhanced capital market activity.Pet er Oppenheimer+44(

4、20)7552-5782| Goldman Sachs InternationalGuillaume Jaisson+44(20)7552-3000| Goldman Sachs InternationalSharon Bell+44(20)7552-1341| Goldman Sachs International Lilia Peyt avin+33(1)4212-1716|Goldman Sachs Bank Europe SE-Paris BranchGlobal Equity Strategy 2025 Out look:The Year of t he Alpha Bet18 No

5、vember 2024|5:01AM GMTInvestors should consider this report as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to following is a redacted version of the original report published November 18,2024 24 p

6、gs.The Year of t he Alpha Bet It is tempting,as we approach a new year,to assume that the clock resets,and we start anew.While it is true that performance is typically measured in yearly increments,it is also important to recognize that context matters.Some years,like 2021 or 2023,follow periods of