It's been just a short while since 2025 began, and the global asset markets have already delivered an impressive report card.

From the data, the overall environment is indeed warming up. The combined returns of the four major asset classes—stocks, commodities, bonds, and credit—reached 50.7%, the highest level since the 2009 financial crisis. In other words, as long as you have allocated to these assets, your returns this year won't be too bad.

Specifically, in various sectors: the global stock market performed well, with the MSCI All Country World Index rising 22.3%, marking the best performance since 2019. This indicates that even in the face of geopolitical and economic uncertainties, global capital is still moving forward. Commodities increased by 11.1%, which may not seem like much, but compared to the sluggish years prior, this is already a good rebound—the last time commodities saw such a large increase was in 2021, with a 27.1% surge.

The bond and credit markets also held up. The global comprehensive credit total return index rose 10.5%, and the government bond index increased 6.8%. Although these figures aren't as dazzling as stocks, the key point is—this is the first time since 2019 that stocks, bonds, credit, and commodities all turned positive in the same year.

Looking at it from another perspective, those who continued to invest steadily in these assets during 2024 and 2025 should now be enjoying the benefits. The market threshold has further opened, and all types of assets are in an upward cycle. Such a comprehensive rise is indeed rare and worth all asset allocators to consider carefully.