2026 Outlook: Targeting resilient opportunities from economic transformation
Looking into 2026, we share perspectives from our Listed Equities, Fixed Income and Private Markets teams.
Insights
Showcasing Impax’s original thinking on the challenges and opportunities arising from the transition to a more sustainable economy.
Filter
A lens on the transition: Financials
Impax’s analysis of key sustainability-related themes disrupting the Financials sector and their impact across a set of sub-industries
Clarity in investing begins with clear language
The overdue reassessment of unhelpful terms and acronyms is vital to re-establishing the boundary between investment and values, and to help ensure investors understand long-term risks and opportunities
Shifting consumer habits drive the resilient growth of digital platforms
The structural shift in consumer spending towards services and experiences, and increasingly from in-person to online, supports the durable growth of innovative leaders in digital services
Why US reshoring is a credit tailwind for capital goods issuers
Elevated manufacturing construction, trade policy and favourable tax rule changes all support an improving credit outlook for North America-focused industrials
Do private credit failures pose a contagion risk to high yield?
The collapse of First Brands and Tricolor exposes deep cracks within private credit that could yet ripple out, but high yield credit market fundamentals remain robust
Five reasons why swaps should be the benchmark for US credit spreads – not Treasuries
The interest rate swap curve is an alternative reference point for pricing corporate bonds at a time when US government debt’s historic ‘risk-free’ rate status looks shaky
Plugging the gaps in EV charging infrastructure
Sustained adoption of electric vehicles in Europe supports selective opportunities for private markets investors in charging assets.
It’s the economy, stupid: capturing the potential of climate-related investment opportunities
Consensus on climate action might have frayed, but progress in the real economy highlights the opportunity set for rational investors focused on climate-related risks and opportunities
Climate transition plans: a blueprint for corporate resilience
Company climate disclosures need to be forward-looking, flexible and focus on adaptation and resilience to be decision-useful for investors
Quant meets credit: enhancing fundamental analysis through systematic screening
Quantitative tools are no substitute for nuanced credit analysis, but combining the two can unlock higher risk-adjusted returns, research indicates
Technology holds the key to a less resource-intensive economy
Given their potential to transform the global economy, we believe that investors in environmental markets should pay attention to companies enabling advances in AI
Moving beyond artificial ingredients: reformulating the US food industry
The prospect of tighter regulations on harmful food additives in the US supports opportunities for natural ingredient companies
How ‘de-dollarisation’ is expanding opportunities in euro EM credit
Investors focused on euro-denominated bonds issued by emerging market companies can benefit from a growing universe, greater liquidity and selective spread differentials over comparable US dollar debt
Stormwater management: adapting to a wetter world
Increasingly volatile rainfall patterns are precipitating enhanced investment in infrastructure that diverts, stores and cleans stormwater
Why converging trends support US regional banks
The prospects of deregulation, higher-for-longer interest rates and balance sheet strength create a constructive backdrop for dynamic smaller banks in the US
Wired for change: a new era of broadband competition
As rising fixed wireless access and fibre adoption disrupts the business models of cable operators, credit investors need to take a selective approach to investing in the US broadband market
Staying the course in a changing climate for investors
In our 2025 Climate Report, we explain how we integrate climate-related risks and opportunities into our investment strategies, engagement activities and throughout our business
Stewardship and Advocacy Report 2025
In our eighth annual report, we showcase how we leveraged our breadth of stewardship and advocacy tools for positive outcomes in 2024.
Why rising Treasury yields and efforts to tackle US healthcare costs are joined at the hip
Fiscal challenges mean the era of low US government bond yields and unchecked soaring healthcare spending has ended, meaning investors should reappraise assumptions about two ‘safe haven’ assets