Panthera announces a comprehensive methodological overhaul of its Global Capital Stock (GCS) research, revisiting the assumptions that underpin how investment professionals measure their global opportunity set, a foundational reference for multi-asset allocation.
Luxembourg/Monaco | September 24th, 2026
The 2026 revision strengthens this foundation through an asset-by-asset review of definitions, coverage, valuation assumptions and reconciliation rules. For investment professionals, its contribution is fundamental: a more transparent basis for assessing the opportunity set against which portfolio weights, concentrations and allocation decisions should be understood.
The research builds on two widely recognized publications in The Journal of Portfolio Management, The Global Capital Stock: Finding a Proxy for the Unobservable Global Market Portfolio (2018) and The Global Market Portfolio (2021), with practitioner discussions published by CFA Institute in 2017 and 2024.
Significant Changes
- The GCS stands at USD 804 trillion at the end of 2025.
- The equity-exchange roster expands from 91 to 121 entries, subject to usable-data and overlap controls.
- Debt histories are reconstructed quarterly from 2005.
- Cash measurement shifts from M2 to the narrower M1 aggregate.
- From 2005 to 2025, the GCS shows real economic value creation with annualised returns of 4.67%, against compounded global inflation of 4.26%.
By making estimation uncertainties explicit, this update offers an improved, accountable starting point for portfolio construction and benchmarking across the global investment universe of professional investors.
For more information about the Global Capital Stock and further insights, please request the paper.
