Summary

• Market regimes change, and asset allocation must evolve with them. The past 50 years show that shifts in inflation, policy, and growth dynamics can reshape correlations, world leadership, and return drivers.
• Structural forces are redefining the investment landscape. Artificial intelligence, a more multipolar world, climate pressures, rising government debt, and the expansion of private markets are likely to shape the next regime.
• Portfolios may need broader diversification and new return drivers. We see a stronger case for private markets, inflation protection, global diversification across equities and fixed income, and selective alternative stores of value.

How can investors prepare for the decade ahead?

The answer starts with understanding how regimes change. In this paper, we examine how structural shifts reshape markets and what that means for long-term asset allocation. We begin by reviewing