New Delhi, April 7 -- The Iran war has rattled global markets, lifted oil prices and reignited inflation concerns, but the damage to diversified investment portfolios has remained relatively limited so far, according to Goldman Sachs.

In a note on portfolio strategy, Goldman Sachs Research pointed out that while equities have declined and bond yields have spiked since the conflict began, losses to traditional balanced portfolios have been "relatively small" compared with past major drawdowns. The firm attributed the resilience to still-strong growth expectations, less pressure on longer-dated bond yields, and the absence of a full-blown macro deterioration.

"We've been surprised by how resilient equities have been in the face of both th...