普徕仕：美国以外的股市提供更佳机遇 相关市场估值更具吸引力

Group 1 - The core viewpoint of the report is that markets outside the US present better investment opportunities due to attractive valuations and supportive fiscal spending and central bank policies [1] - Despite ongoing trade disputes, geopolitical tensions, expanding fiscal deficits, and rising interest rates, the market is approaching historical highs, indicating a recovery from recent lows [1] - Investors are reassessing the market, with expectations that risk factors will have limited impact, focusing instead on positive elements such as stable corporate earnings and increasing fiscal spending [1] Group 2 - Prudential has reduced its underweight allocation to large US stocks due to balanced upside and downside risks surrounding tariff negotiations [2] - The company maintains an underweight allocation to bonds due to increased supply needed for US fiscal policy and potential inflation threats from tariffs that could raise US interest rates [2] - Prudential has decreased its underweight allocation to growth stocks relative to value stocks, driven by renewed enthusiasm for AI investments [2] Group 3 - The company continues to favor short-duration bonds as the short end of the yield curve is constrained by Federal Reserve policies, while the long end has more upside potential [2] - Prudential maintains a high allocation to inflation-linked bonds and Asian credit [2] - The company also holds a high allocation to cash for its attractive yield and to limit duration risk, although some cash has been reallocated to equity risk [2]