Weekly Market Monitor
Chart of the Week: The Long Game
Despite today’s elevated valuations, we expect global equities to deliver strong long-term returns, primarily driven by earnings. Our colleagues in GIR forecast an annualized 10-year total return of 7.1% in local currency terms (7.7% in USD), reflecting robust growth, improved productivity and profitability, and shareholder distributions. We remain optimistic on US equities, with GIR projecting a 10-year forward return of 6.5%, but high concentration and full valuations underscore the need for diversification. We see potential opportunities in international equities, which may benefit from strong economic growth, structural reforms that raise dividends, and dollar weakness.
Source: Goldman Sachs Global Investment Research and Goldman Sachs Asset Management. As of November 12, 2025. Chart shows forecasted annualized total returns in local currency terms over the next 10 years for EM equities, Asia Pacific ex Japan (APxJ) equities, Japanese, European and US equities as well as global equities. EM equities are represented by MSCI EM, Asia Pacific ex Japan (APxJ) equities by MSCI APxJ, Japanese equities by MSCI Japan, European equities by STOXX 600, US equities by the S&P 500 and global equities by MSCI AC World. The chart also displays the expected contribution of dividends, buybacks, valuations, and earnings to total returns. Past performance does not predict future returns and does not guarantee future results, which may vary. For illustrative purposes only. 'We' refers to Goldman Sachs Asset Management.
Download the full document, which includes the chart of the week and insights on market developments. On pages 3 and 4, we further recap equity sector, size and style returns, global index returns, as well as rates and spread movements and a monthly snapshot of global equity valuations.
Equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “growth” and “value”) tend to shift in and out of favor, and, at times, the strategy may underperform other strategies that invest in similar asset classes. The market capitalization of a company may also involve greater risks (e.g. "small" or "mid" cap companies) than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements, in addition to lower liquidity.
International securities may be more volatile and less liquid and are subject to the risks of adverse economic or political developments. International securities are subject to greater risk of loss as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.
Emerging markets investments may be less liquid and are subject to greater risk than developed market investments as a result of, but not limited to, the following: inadequate regulations, volatile securities markets, adverse exchange rates, and social, political, military, regulatory, economic or environmental developments, or natural disasters.
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