Goldman Sachs: Global market portfolio (alla tillgångsslag) | Allmänbildning

Övrigt Nyheter och omvärldsbevakning
1

Research paper från Goldman “Investing in Everything, Everywhere, All at Once”

image
image1920×1158 86.1 KB

The World Portfolio is the sum of all assets globally. It can be a useful benchmark for multi-asset portfolio performance and investor asset allocations. The sizes of assets in the World Portfolio indicate liquidity and importance in investor portfolios. Persistent shifts in asset weights are often closely linked to macro regimes.

Några intressanta grafer

Exhibit 2: The equity weight relative to bonds has increased materially since the GFC
Exhibit 2: The equity weight relative to bonds has increased materially since the GFC2838×2470 466 KB

Exhibit 7: The World Portfolio has delivered a real return near 4% since WW2
Exhibit 7: The World Portfolio has delivered a real return near 4% since WW21920×1177 134 KB

Exhibit 10: The US has been dominant within global equities most of the time but not always
Exhibit 10: The US has been dominant within global equities most of the time but not always2990×1892 495 KB

Exhibit 15: US assets are dominant in the World Portfolio, both in equities and bonds
Exhibit 15: US assets are dominant in the World Portfolio, both in equities and bonds1920×1247 115 KB

Record high investor equity allocations mirror the World Portfolio According to the famous Capital Asset Pricing Model (CAPM)2, in equilibrium the World Portfolio is optimal. The idea of market efficiency (coupled with lower fees and mixed performance of active managers) has supported the growth in passive investing based on benchmarks in the last 25 years – more than half of assets under management in equity funds are now passive. In practice the World Portfolio also guides strategic asset allocation as asset sizes condition liquidity of investment opportunities.

In a lot of countries, households hold fewer equities than the share in the world portfolio. The highest allocations are in the US, Australia, and Sweden

Exhibit 22: In Europe and Japan households hold a large amount of cash vs. the equity/bond investments
Exhibit 22: In Europe and Japan households hold a large amount of cash vs. the equity/bond investments1878×1566 238 KB

Exhibit 24: Australasian and Scandinavian pension & insurance investors tend to have larger equity allocations
Exhibit 24: Australasian and Scandinavian pension & insurance investors tend to have larger equity allocations1888×1572 247 KB

Exhibit 29: Non-US investors have material allocations in foreign and US equities
Exhibit 29: Non-US investors have material allocations in foreign and US equities2044×1724 362 KB

Exhibit 30: In bonds there is usually more of a home bias
Exhibit 30: In bonds there is usually more of a home bias1970×1664 326 KB

7 gillningar
2

Otroligt att Japan nästan sprang om USA med Reagan vid rodret. Den sista sovjetstaten Norge sticker också ut i bristen på inhemska tillgångar att investera i.

1 gillning
3

Här blev jacke Sjösjuk @janbolmeson :joy::rofl:. Massa grafer hit och dit :+1::rofl: