GS EUROPEAN EXPRESS: Strategy | Novonesis | Banks | Carbon | BMW & P911 | Macro | Global | Corporate Access

Research evidence excerpt

GS EUROPEAN EXPRESS: Strategy | Novonesis | Banks | Carbon | BMW & P911 | Macro | Global | Corporate Access

Equity Research

13 July 2026 | 6:25AM BST

GS EUROPEAN EXPRESS: Strategy | Novonesis | Banks | Carbon | BMW &

P911 | Macro | Global | Corporate Access

We have a new podcast out on ‘On the Road with Goldman Sachs - European Sahar Islam

+44(20)7051-4935 |

Edition: What we learned on El Nino from a former Chief Meteorologist’ with sahar.islam@gs.com

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Sam Darbyshire, listen here!

Global Strategy Paper: Balancing Innovation and Inflation in Portfolios - Global

financial assets have performed strongly over the last 3 years, with ex post equity

risk premia nearing the Golden 20s and 50s, and the AI boom boosting Tech stocks.

As a result, the ‘World Portfolio’ has drifted towards US assets, equities and the Tech

sector. The current AI capex boom increases the risk that falling profitability for

mega-cap Tech stocks drags on equity returns before AI adoption benefits show up.

In all but an optimistic ‘Goldilocks + AI boom’ scenario, expected long-term equity

returns are below the long-run average. We recommend five strategies: selective real

asset allocations, style diversification, regional diversification, option strategies such

as long-dated calls, and selective alternatives. (Christian Mueller-Glissmann)

Novonesis (NSISb.CO): Standout reinvestment compounded by AI to drive

growth, returns and multiple higher; reiterate Buy - We highlight that historical

R&D and capex conversion rates should translate into higher incremental sales and

margin potential vs. current market expectations, and note the moat-enhancing

capabilities we expect AI to unlock. This work underpins our improved LT avg. OSG of