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Global Asset Allocation Viewpoints

Read our committee’s tactical views, positioning, risks, and opportunities across global assets.

November 2025

Outlook
  • Our view on risk assets remains balanced, with fiscal stimulus and accommodative central bank policies helping support economic growth against a backdrop of elevated valuations, where a lot of good news has been priced in.
  • We moderated our overweight to real assets following strong performance, particularly in precious metals, though we maintain an overweight position as a hedge to higher inflation.
  • We added modestly to small-caps as valuations remain compelling and earnings are poised to inflect positively with tailwinds from lower rates, fiscal policy, deregulation, and potential for increased M&A and IPO activity.
  • Themes this month cover the uncertainty around the path of the Federal Reserve from here given mixed and limited data as well as factors driving market jitters.

The 2025 Global Asset Allocation Viewpoints presents a balanced outlook on risk assets, supported by fiscal stimulus and accommodative central bank policies, though elevated valuations reflect significant optimism already priced into markets. The report highlights key themes including Federal Reserve uncertainty amid limited economic data, ongoing strength in AI-driven growth offsetting weakness in traditional sectors like housing and manufacturing, and tactical positioning that favors small-cap equities and shorter-duration bonds while maintaining hedges against inflation risks.


 

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IMPORTANT INFORMATION

This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a guarantee or a reliable indicator of future results.

This information is not intended to reflect a current or past recommendation concerning investments, investment strategies, or account types, advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. The opinions and commentary provided do not take into account the investment objectives or financial situation of any particular investor or class of investor. Please consider your own circumstances before making an investment decision.

Information and opinions presented have been obtained or derived from sources believed to be reliable and current; however, we cannot guarantee the sources’ accuracy or completeness. There is no guarantee that any forecasts made will come to pass. The views contained herein are as of the date noted on the material and are subject to change without notice; these views may differ from those of other T. Rowe Price group companies and/or associates. Under no circumstances should the material, in whole or in part, be copied or redistributed without consent from T. Rowe Price.

Risks: All investments are subject to risk, including possible loss of principal. Stock prices can fall because of weakness in the broad market, a particular industry, or specific holdings. Fixed-income securities are subject to credit risk, liquidity risk, call risk, and interest- rate risk. As interest rates rise, bond prices generally fall. Diversification does not assure a profit or protect against a loss in a declining market.

USA: T. Rowe Price Associates, Inc. © 2025 T. Rowe Price. All Rights Reserved. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. All other trademarks are the property of their respective owners.

202511-4975813

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