United StatesIrreversible transformations are incrementally reshaping the global economy. The emergence of new technologies, evolving consumer demand and policy changes are combining to fuel a period of intense creative disruption.
As we enter 2026, our investment teams are focused on identifying companies and issuers that demonstrate resilience as these transformations continue in the current market context.
Our macroeconomic perspective is one of cautious optimism. Falling interest rates and rising government spending should support risk assets. However, narrow drivers of economic growth and unsustainable fiscal trajectories raise alarm bells.
Within equities, we continue to take a critical view of certain stock valuations and expect investors to rediscover a focus on fundamentals – and so on stocks whose potential has been overlooked. Within fixed income, we perceive compelling relative value opportunities, but rigorous credit selection will be critical given spreads remain at historically tight levels.
As the long-term challenges facing global society come into closer focus, we are looking to capitalise on misunderstood – and so mispriced – opportunities and risks arising from the transition to a more sustainable economy.
In addition to our full 2026 Outlook, above, please find two shorter editions focused on the perspectives of our Fixed Income and Listed Equities teams, respectively.
In the following videos, Charles French, Chief Investment Officer (Listed Equities), addresses two important questions discussed within our 2026 Outlook
- Which macroeconomic factors look set to define the investment outlook for 2026?
2. Where does the Listed Equities team have high conviction in 2026 and beyond?