MS-India Equity Strategy Asset Returns：Gold Rush-20260112
这篇研报讲什么？
摘要原文摘录Gold was the best-performing asset class in 2025 and hassignificantly outperformed equities over five years. Indianequities seem better placed going into 2026, especially relative…
机构观点归属摩根士丹利，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Gold was the best-performing asset class in 2025 and hassignificantly outperformed equities over five years. Indianequities seem better placed going into 2026, especially relativeto Emerging markets.
Gold returns in 2025 = last five years of equity returns: Gold was up 75% in 2025,significantly outperforming the next best asset class, equities (using the BSE Sensexas a proxy), by 65ppt. Gold has now outperformed equities over 5, 10, 15 and 20years. Property was the worst-performing asset class in 2025. All asset classesdelivered positive real returns in 2025 due to low inflation.
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