As we move into 2025, investors face a macro and market environment characterized by exceptional uncertainty, centered on the scale and impact of US tariffs and how Europe and China react to them. At the same time, a still very accommodative macroeconomic backdrop suggests the continued potential for upside surprises but also a growing risk of sudden reversals and divergence as we move into uncharted territory and questions of debt sustainability and country-specific structural challenges rise to the fore. 

This 2025 Outlook collection offers ideas from multiple Wellington investors, strategists, and other professionals across public and private markets, each sharing their unique perspective on the risks and active opportunities this new economic era brings.