



Global assets jumped by $7.8trn in January and February, up 3.2% to a record $250.6trn by the end of February, but in March alone have already given up almost half their gains, shrinking by $3.4trn, according to Ocorian’s latest Global Asset Monitor.
The 3.2% increase reflected strong equity markets and new borrowing by governments and companies on the bond markets, as well as expansion in private asset classes. However, the sharp decline in March is driven almost entirely by US equities, Ocorian stated. Globally, the value of listed companies has fallen $4trn, 93% of which reflected shrinking US company values. Bond markets, by contrast, are $985bn larger.
Jason Gerlis, head of Americas and global head of corporate services at Ocorian, said: “Asset prices have whipsawed in 2025 in the face of concerns over government finances and the inflationary impact of US trade wars. But it’s US assets that are feeling the most pain, as a flood of capital out of US equity markets is washing up on shores in Europe and parts of Asia. Six of the US Magnificent 7 stocks have lost $2.3trn of value since the New Year. This highlights how important diversification is. The growing concentration of stock market value in the US and among a few companies – the fifteen largest companies account for one fifth of the global total – is increasing risks for investors.
“Private markets can help investors achieve this much needed diversification. Private capital is transforming the way businesses grow. Public markets have long provided a structured path for companies to raise capital and investors to earn returns, but their reach is far more limited than their size suggests. And the vast majority of companies are still privately owned – around 90% in the US for example. Investors and businesses alike are seeking alternative paths to growth, and private capital is increasingly the bridge between opportunity and execution. The global investment landscape is shifting rapidly – the dramatic growth in private assets reflects both a flow of capital to the sector and superior performance over the long term.”