The Big Picture Global Asset Allocation 2023 Outlook

Invesco

Research

38 Pages

Invesco presents a 2023 global asset allocation outlook built around a transition from contraction toward recovery. The update reduces defensiveness while keeping flexibility to respond if the recovery signal is delayed. It frames disinflation and the timing of central bank pivots as the key variables that determine whether risk assets can sustain a rebound.

Date published: November 20, 2022

Key Takeaways

Regime transition: Views 2023 as moving from contraction toward recovery, with markets often turning before the data.
Model allocation: Explains tilts across equities, credit, rates, and gold to balance carry and drawdown risk.
Risk watchlist: Flags persistent inflation and policy surprises as the main threats to the base case.
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