高盛：股票：混搭市场多元化带来好处

Investment Rating - The report emphasizes a favorable view on broad geographic diversification and recommends a barbell approach between Quality Growth and deep Value compounders [1][2][3] Core Insights - The report identifies the emergence of a "Pick & Mix" market environment where diverse styles, markets, and sectors are starting to outperform, indicating a shift from the previous concentration in mega-cap US tech stocks [1][2][3] - The two major forces shaping markets in the coming years are AI and energy transition, which are expected to support diversification and create growth opportunities in both Technology and previously lagging Value sectors [1][2][3] - The report highlights that the normalization of interest rates has led to a narrowing of return differentials within and across stock markets, suggesting a potential shift in relative performance [1][2][3] Summary by Sections Market Environment - The global political environment is uncertain, yet equity markets are at all-time highs, supported by rising growth expectations and moderating interest rates [2][4] - The MSCI World Index has increased by 26% since October 2023 and 9% since the start of 2024, reflecting positive earnings sentiment [2][4] Valuation Trends - Valuation gaps have reached record levels, indicating a belief that current trends will persist long-term, but a shift in fundamentals is necessary for these gaps to narrow [1][2][3] - The report notes that the US market has outperformed others due to superior profit growth, particularly in the Technology sector [1][2][3] Investment Strategy - The report advocates for a diversified investment strategy, emphasizing the importance of strong balance sheet quality and recommending investments in both Quality Growth and deep Value sectors [1][2][3] - It also highlights the benefits of diversification in improving Sharpe ratios as the cost of capital normalizes [1][2][3] Sector Performance - The report indicates that the performance of Cyclical sectors has outpaced Defensive sectors, reflecting a shift in market dynamics [2][4] - It also notes that flows are moving into cheaper markets and sectors, particularly in Europe, where stronger returning value sectors are attracting significant inflows [1][2][3]