Global market portfolio – Q1’25

In the first quarter of 2025, the value of the global market portfolio (GMP) increased by 0.3%, ending at $150.2 trillion.

The equity portion of the GMP declined to 56.9%, down from 58.0% in the previous quarter, primarily driven by a 1.8 percentage point drop in the GMP share of U.S. stocks. In contrast, European equities gained 0.7 percentage points. Meanwhile, a rally in global bonds boosted their share of the GMP by 1.4 percentage points, while cryptocurrencies lost 0.4 percentage points and $550 billion in combined market capitalization.

From a regional equity perspective, the U.S. share of global equities declined to 63.0%, down from 64.8% in the previous quarter, while the share of European stocks rose to 15.3%, up from 13.9%. Shares of other regions remained largely unchanged.

Below is a detailed breakdown by asset classes:

Note: The calculations include only exchange-traded instruments that invest directly in assets. For real estate, only REITs are represented, and for commodities, only ETFs on precious metals are included. The data is based on the FTSE family of indexes for stocks, bonds, and real estate; for gold, the data is sourced from www.gold.org, and the silver and platinum ETFs represented are SLV, SIVR, and PPLT, respectively; for crypto, the data comes from www.tradingview.com for tickers TOTAL and TOTAL2.

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