Global equities continued their upward trajectory in 2024, supported by economic strength, favourable interest rates, AI enthusiasm, and post-US election optimism. Returns were driven by a continued expansion in valuations, particularly in the US and Australia, contributing substantially to overall returns. This has now taken valuations to elevated levels going into 2025. While valuations did most of the heavy lifting this year, we believe earnings will do the heavy lifting in 2025. Our analysts have compiled their highest conviction stock picks for the year ahead. The report includes our analysts’ views on the outlook across eleven sectors and their top picks in each.