Advisor portfolio
trends
The Invesco Solutions team conducts comprehensive reviews of advisor portfolios every quarter to get an in-depth look at portfolio investment trends.
Our data revealed that in 2025, the top-quartile performing portfolios had the highest allocation to stocks (62%), with a strong emphasis on US large-caps (82%). The top quartile performers also maintained the highest allocation to international stocks at 25%. This increase wasn’t reflected in the average portfolio, however, where international exposure remained at 20% of total stock holdings, well below the 35%–65% international allocation range of the MSCI All Country World Index (ACWI).
Unhedged international bonds were also among the top performers in 2025, yet the category remains significantly underutilized, with the average allocation below 1%. Unhedged global bond strategies appeared in only about 5% of portfolios, or one out of 20.
Advisors who had higher portfolio allocations to international were among the top-performing portfolios we reviewed in 2025. It’s not too late to consider upping an allocation to international.
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The steepest yield curve in years may create compelling opportunities. For those able to extend duration, the long end of the muni market offers some of the most attractive yields seen in more than a decade.
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This does not constitute a recommendation of any investment strategy or product for a particular investor. Investors should consult a financial professional before making any investment decisions.
Past performance does not guarantee future results. An investment cannot be made directly into an index.
All investing involves risk, including the risk of loss.
The opinions referenced above are as of December 2025. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties, and assumptions; there can be no assurance that actual results will not differ materially from expectations.
Growth stocks tend to be more sensitive to changes in their earnings and can be more volatile.
A value style of investing is subject to the risk that the valuations never improve or that the returns will trail other styles of investing or the overall stock markets.
Fixed-income investments are subject to credit risk of the issuer and the effects of changing interest rates. Interest rate risk refers to the risk that bond prices generally fall as interest rates rise and vice versa. An issuer may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer’s credit rating.
In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.
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