Investing.com -- Societe Generale believes investors should increase exposure to equities and commodities, arguing that central banks will not derail the current rally as resilient growth and moderately higher inflation support risk assets.

Strategists led by Alain Bokobza raised the bank's equity allocation to 55% from 50% in March, with a preference for U.S. markets.

The team favors S&P 500 equal-weight exposure to capitalize on the positive growth impulse while adding geographical diversification through China, Japan and the U.K.

The shift came alongside a cut to bond allocation, which was reduced to 25% from 30%.

Commodities received the most significant reallocation, with SocGen lifting its weighting to 20% from just 5%, citing a global multi-year infrastructure cycle as the primary driver of robust demand.

The bank identified electrification, defense, artificial intelligence, energy independence and broader sovereignty themes as structural tailwinds underpinning the commodity outlook. Gold was singled out as a buy on dips.

Among specific equity calls, SocGen highlighted U.S. industrials, U.S. and European utilities, U.S. and European banks, U.S. consumer cyclicals, global oil and gas equipment and services, nuclear stocks, and global metals and mining as key long positions.

On the index level, the bank added the FTSE 100, India's NIFTY and China A-shares to its recommended exposure.