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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThe ten opportunities below are the convictions in Lombard Odier’s outlook for 2025, published November 27, 2024—not a current market forecast or a list of guaranteed winners. They span bonds, equities, real estate, infrastructure, alternative investments, gold and currencies. The bank’s authors described them as portfolio views, not personalized advice; the outlook says investment values can fall as well as rise and investors may receive less than they invested. Read Lombard Odier’s 2025 outlook.
What are the ten investment opportunities in Lombard Odier’s 2025 outlook?
The ideas below summarize the bank’s views as forecasts for 2025. They are not ten individual securities, and the source does not rank them or estimate a return for each one. Its authors were Michael Strobaek, Global CIO Private Bank, and Dr. Nannette Hechler-Fayd’herbe, Head of Investment Strategy, Sustainability and Research, CIO EMEA. Lombard Odier identifies the publication as a marketing communication.
1. Put some cash to work
The outlook expected a low risk of recession and further central-bank rate cuts as inflation eased. It argued that falling rates could make holding excess cash less attractive, particularly in Switzerland and the eurozone, and make investors more willing to deploy capital while keeping diversified portfolios. This was a 2025 forecast, not a statement about rates or cash returns today. The bank also forecast that Switzerland’s policy rate could fall to 0.25% in 2025; that figure was its prediction, not a reported outcome or current rate.
2. Favor corporate bonds for income
Lombard Odier preferred corporate bonds to government bonds across developed and emerging markets, citing the yields available. In Europe it identified corporate issuers in Germany, France, Spain, Italy and the UK. In emerging markets, it preferred corporate over sovereign debt but urged selectivity in Asia and Latin America, where it considered credit spreads tight. Corporate bonds add issuer credit risk: a higher yield does not guarantee a better result if an issuer’s finances deteriorate or market prices fall.
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The outlook’s preferred 2025 maturity ranges varied by currency and credit category:
| Bond category | Preferred maturity in the 2025 outlook |
|---|---|
| Euro-denominated investment-grade corporate bonds | 5–7 years |
| Sterling-denominated investment-grade corporate bonds | 5–7 years |
| Swiss-franc-denominated investment-grade corporate bonds | 3–5 years |
| US-dollar-denominated investment-grade corporate bonds | 3–5 years |
| High-yield corporate bonds | Short-dated |
These are the bank’s stated preferences for 2025, not a universal duration rule. Longer maturities can expose bond prices to greater interest-rate changes, while high-yield debt carries greater credit risk than investment-grade debt.
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3. Keep selected government bonds, especially German Bunds and UK Gilts
Although the bank generally favored corporate yields, it expected government bonds to underperform and singled out German Bunds and UK Gilts as preferred exceptions. It saw US deficits and stimulative policy as possible upward pressure on Treasury yields. By contrast, it viewed Germany’s public finances and anticipated European rate cuts as supportive for Bunds. Its UK case depended on the path of growth and inflation, fiscal rules and expected Bank of England cuts. These are distinct country-specific arguments, not a broad claim that all government bonds would rise or fall together.
4. Look to US and Japanese equities, and Taiwan and South Korea
For developed-market stocks, the outlook favored the US and Japan. It pointed to expected US corporate profitability and to domestic policy and currency conditions in Japan. Among emerging markets, it highlighted Taiwan and South Korea, associating their potential with technology-related exports. The bank also warned that equity valuations were already high and that tariffs could affect markets. Its outlook put it this way: “In equities, the outlook for earnings is strong, yet valuations are already very high.” Strong expected earnings therefore did not remove the risk of paying a high price or facing trade-policy disruption.
5. Favor cyclical sectors, particularly materials
The bank expected cyclical businesses to benefit from the macroeconomic conditions it anticipated, with materials as its leading sector preference and industrials potentially benefiting afterward. Materials producers may be exposed to shifts in demand, commodity prices and investment activity; the outlook did not identify individual companies or specify the returns it expected from either sector.
6. Consider infrastructure investment and its supply chain
Lombard Odier expected political developments to turn some stated infrastructure needs into actual spending. It also pointed to infrastructure investment activity in emerging markets. Rather than limiting the idea to infrastructure operators, the outlook included companies across the value chain, from materials suppliers to operators. The forecast depends on proposed needs becoming funded and completed projects; the source does not quantify the likely spending or identify specific projects.
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7. Treat real estate as a possible income alternative
The outlook identified Switzerland as its clearest case for real estate as an alternative to fixed-income investments, with the eurozone potentially becoming more attractive. The bank described this as a relative opportunity in low-yield markets, not a claim that property is equivalent to a bond. Real estate can involve property-market, financing and liquidity risks, and the 2025 view does not establish current yields or relative value.
8. Expand the investment universe with hedge funds and private assets
The bank named event-driven and relative-value hedge-fund strategies, including merger arbitrage and non-directional strategies, alongside private equity. It presented them as ways to broaden a portfolio’s opportunity set and diversification beyond conventional public markets, not as guaranteed hedges or a promise of higher returns. The outlook does not quantify expected performance or determine whether these strategies suit a particular investor. Access, fees, liquidity and valuation can differ substantially across funds and private investments.
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9. Consider gold as a diversifying, non-yielding exposure
Lombard Odier saw potential support for gold from lower interest rates and central-bank buying, while identifying a stronger US dollar as a headwind. It discussed both physical gold exposure and gold-related financial instruments. Unlike bonds, gold does not pay interest; its role in a portfolio therefore rests on price movements and diversification rather than an income stream.
10. Expect tariffs and rate differences to support the US dollar
The outlook forecast that US tariffs and interest-rate differentials could support the dollar in 2025. It said currencies including the euro, sterling and some Asian currencies could weaken against it. It also allowed that the Swiss franc and Japanese yen might later prove more resilient if US tariff risks increased. Currency forecasts can affect returns for investors holding foreign assets, but the source did not specify an exchange-rate target or guarantee that these moves would occur.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret the list before investing
The ten ideas serve different portfolio purposes: bonds and some real estate were discussed in an income context; equities and infrastructure offered exposure to business growth and investment; gold and selected alternative strategies were presented as ways to diversify; and the currency view concerned foreign-exchange exposure. They are not interchangeable choices. A bond’s currency, maturity and issuer risk differ from an equity’s valuation and tariff exposure, while private assets and some hedge-fund strategies may have different access and liquidity constraints from publicly traded securities.
Most importantly, this is Lombard Odier’s dated 2025 forecast. The source does not establish whether the predictions came true, what current market conditions are, or what allocation would fit a particular person. The bank’s risk notice states: “The value of investments can go up or down so you may get back less than your initial investment”. Consider your time horizon, ability to bear losses, diversification and access needs before acting on any market outlook.
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