| Manager | Investment prospects for 2026 |
| Allianz Global Investors | Maintain caution without losing ambition: US growth faces challenges due to tensions in its institutional framework and demanding valuations.
The divergence between monetary policies and inflation accentuates the need for adequate regional diversification.
In this context, AI-related stocks will maintain their relevance, although they will require a more careful selection.
Europe, China, and India present interesting opportunities to diversify equity portfolios, with attractive valuations.
Emerging markets: favored by more flexible central banks and a weaker dollar, they can benefit, especially their bonds.
Private markets: continue to consolidate as a key component of portfolios, with private credit and infrastructure acting as long-term value drivers and levers for structural transformations such as decarbonization and digitization.
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| Amundi | Fixed income: quality credit is a fundamental allocation, being a clear overweight.
Positive about European bonds, with special attention to peripheral bonds and short maturities, British government bonds, and investment-grade credit, especially in the financial sector.
Neutral on American equity. The European industrial and infrastructure sectors should offer new entry points in the second half of 2026.
Asia: opportunities in the growing Asian technological ecosystem. Japan can also benefit from corporate reform and the weakening of the Yen.
Emerging fixed income: attractive yields in hard currency debt. In local currency debt, we favor Central and Eastern Europe, selective regions of Latin America (Colombia, Brazil) and Asia (India, Philippines, and Korea) for carry and valuation.
Emerging equity: notable opportunities that favor value styles, in addition to momentum in Latin America and Eastern Europe, and selectively in Asia, in sectors linked to digital assets.
Private credit and infrastructure: well positioned to benefit from structural themes such as electrification, relocation, AI, and the strong demand for private capital, particularly in Europe.
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| Capital Group | Stable rates, more flexible monetary policies and greater market opportunities define the path for 2026.
Stabilization of the global economy, an improvement in corporate profits and an increase in opportunities in equity and fixed income.
Fixed income: high-quality bonds regain their traditional role as a source of income and portfolio stability.
Equity: the return of market breadth. Attractive opportunities in all industrial sectors linked to capital expenditure, the financial sector could benefit from regulatory changes, and certain sectors, such as energy and transport.
AI: remains powerful, with productivity gains extending far beyond the technology sector.
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| Diaphanum | The impact of tariffs is being limited, at a time when inflation in the EU is close to the ECB's target and is harder to control in the US, around 3%.
Positive forecasts in treasury, in a market scenario that discounts that the ECB will delay the lowering of intervention rates.
Bet on European peripheral bonds, with attractive spreads, as the best way to take advantage of current levels, and sees potential for revaluation in higher credit quality European corporate bonds.
Equity: its evolution will be conditioned by the rebound of the expected profits for 2026, especially in US tech companies, fiscal stimuli in Europe and the normalization of international trade.
The environment of stability in interest rates or, at least, of low probability of interest rate cuts, along with stability in valuations, reinforces the positive view on private equity.
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| Goldman Sachs AM | AI: will continue to fuel investor optimism and open opportunities in emerging stock markets, technology consumer and health midcaps, and in infrastructure and energy transition in private markets.
US Equities: the "Magnificent Seven" can still support the market due to their profit power and stable bet on AI, but leadership begins to show more dispersion among large tech companies.
European Equities: expected capex rebound due to reindustrialization and fiscal margin, with potential to continue standing out in defense, energy and finance and to add lagging sectors for a broader rally.
Emerging Market Equities: macro tailwind and very cheap valuation compared to the US (~40% discount) point to possible outperformance in 2026.
Fixed income: the divergence between central banks creates opportunities, but be careful with the credit cycle.
Carry opportunities: there is room to generate attractive income by taking advantage of carry in securitized (CLO AAA and BBB tranches with relative value) and in high yield credit, as prominent sources of recurring profitability.
Private markets: venture capital and growth equity benefit from more reasonable prices and larger rounds and private credit remains attractive for profitability and low default despite stable spreads.
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| HSBC AM | Inflation remains persistent but manageable, with moderate reductions in interest rates and less uncertainty in monetary policy.
Asset classes are adopting new roles, with broader opportunities in equities beyond recent leaders, and a growing need to diversify traditional instruments that stabilize the portfolio.
Maintain a moderate risk exposure, without recession in the central scenario for 2026.
It is expected that alternative investments, including hedge funds, private credit and real assets, will play a significant role in generating resilience and diversification in investors' portfolios.
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| ING | USA driving the global economy, China increasing its influence in different regions and Europe (especially Germany) trying to become relevant again.
Spain: the opportunity to use NextGen funds remains relevant to increase quality growth.
Three challenges for 2026 stand out among the ten they identify:
1. Investment in AI as a source of income for companies and engine of economic growth.
2. Maintaining confidence in government bonds: larger fiscal deficits could lead to greater market distrust and bond sales.
3. Slowdown of the Chinese economy: a crisis of this kind could destroy wealth of Chinese families, and put banks in trouble, affecting confidence in the Chinese economy, and its growth.
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| J. Safra Sarasin Sustainable AM | The Fed will continue with its "risk management" approach and will apply more rate cuts in 2026. Powell's successor may be more inclined to lower rates.
Bonds: the steepening of the curve is likely to continue. We maintain our preference for intermediate maturities.
Equity: high valuations advise caution. The financial sector has stood out but we do not consider it appropriate to improve our recommendation on it. With valuation multiples at historical highs, little is needed for a correction to occur.
Asset allocation: marginal increase in risk. We continue to show no regional preference in equities and maintain a largely neutral position among the different segments of bonds with investment grade, high yield and emerging markets.
Gold: we maintain our position in gold, although we have taken advantage of the rapid price increase to realize some of the accumulated gains.
Dollar: could become an adverse factor.
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| J.P. Morgan Private Bank | Highlights three main themes: investing at the crossroads of AI, fragmentation and inflation.
The era of AI: artificial intelligence is driving productivity and investment with more fundamental than speculative bases; the greatest risk is not a bubble, but being underweight in the face of its disruptive impact.
Fragmentation: the new force in global investment. With globalization in retreat, regional blocks and new rules in trade, security and currencies emerge, making it key to invest with resilience and geographical/strategic diversification.
Beyond bonds: how to face the structural change of inflation. We enter a more persistent inflationary regime due to structural factors and public deficit, so inflation becomes a central axis to protect long-term real returns.
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| Julius Baer | Policy divergences between the US, Europe and China force investors to rethink regional allocations. 2026 demands fewer buy and hold strategies and more tactical skill.
Fixed income: slightly longer duration, combined with higher risk credits but with shorter maturities, should offer attractive returns with manageable risk. Neutral on sovereign debt from emerging markets and overweight in emerging corporate debt.
Equity: AI continues to be a key driver (greater diversification advisable). Defensive sectors, European cyclicals and the Asian stock market in general become more attractive. We continue to prefer Asia, with China among our main convictions.
Commodities: pressure persists on oil and natural gas prices, benefiting Europe. Gold starts 2026 strong.
Currencies: the US dollar is expected to continue weakening due to slower growth and structural capital outflows. European currencies could extend their gains, with the Swiss franc remaining as a safe haven asset.
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| Mercer | The global economy will strengthen moderately as the effects of President Trump's trade agenda dissipate and the boom that implies investment in AI.
Resurgence of growth in Japan and China's technological leadership: Japan consolidates exit from deflation with reforms and more nominal growth; China continues to be weighed down by real estate/consumption in the short term, but with a structural engine in AI and technology.
Neutral in equities and selective credit: neutral stance in developed stock due to balance between AI benefits and valuations/tariffs. More interest in niche credit (Asian HY and frontier) and preference for British gilts.
Risks: valuation in AI, politics and geopolitics. The main threats are a possible bubble/disappointment in AI returns, political noise in the US and geopolitical hotspots (Russia-Ukraine and others).
More accessible private markets and favored hedge funds: retail entry continues in private and AI continues to permeate portfolios. Rotation and IPOs improve but watch out for stress in venture capital/direct lending, while hedge funds can capture alpha in volatility.
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| Muzinich & Co | The global growth in 2026 would be supported by more lax financial conditions, strength of equity markets and public spending.
Central banks: rate cuts by the Fed, with short-term rates around 3–3.25% by mid-2026. The ECB would adopt a more cautious stance, balancing German fiscal stimulus and risks on employment and consumption.
The credit fundamentals remain solid: spreads remain very tight, but backed by high corporate profits, high margins and low default rates.
The environment favors carry and roll-down strategies: returns are expected to be aligned with current yield levels, mainly supported by the carry. In Europe, the roll-down in the middle part of the curve remains a significant source of return. In the US, a barbell strategy is favored, combining short duration with exposure in the 7–10 year range.
Clear preference for high yield and BBB credit. In investment grade, risk premium compression favors a rotation from subordinated to senior debt.
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| M&G Investments | AI: it's not a bubble. If there is a bubble, it is not in the technology itself, but in the valuations of a specific group of companies.
After years of low returns, sovereign debt offers attractive real returns without assuming additional credit risk.
Diversification: more important than ever. Emerging market debt, backed by lower debt levels, solid fundamentals and less dollar dependence, offers attractive alternatives to developed market assets.
Private markets: they are not a passing fad. Their growth is driven by enduring structural factors. The recovery is underway and innovation will accelerate accessibility.
European private credit: stands out for better risk-adjusted performance and better credit quality compared to the US.
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| Ofi Invest AM | There seem to be no surprises in the interest rates and inflation, especially in Europe. However, after the last Fed rate cut, it is a mystery to know the level to which rates will drop in 2026.
2026 will be favorable for equities, and in fixed income it will be necessary to diversify and be selective.
Positive scenario for equities in the United States, Germany, China, and Japan, due to stimuli and accommodative monetary policy. Among them, he sees more potential in Japan and emerging markets due to valuations.
Fixed income: recommends US sovereign debt as a refuge, and a diversified and selective “buy and hold” strategy, in corporate bonds, due to the historical narrowness of spreads.
The leading themes of the year that will have the most influence on the markets will be Donald Trump, tariffs, central banks, AI, and geopolitics.
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| Ostrum AM | Markets between resilience and tensions: in the US, two-speed growth is expected to persist in 2026, remaining below its 2% potential. In the Eurozone, the economic recovery is gaining momentum, driven in particular by investment plans in Germany.
Fixed income: an asymmetric environment between Europe, the United States, and emerging markets. In Europe, 10-year German bond yields are expected to evolve in a context of lower volatility in 2026, with bullish and bearish factors offsetting each other. In the United States, the prospects for long-term interest rates remain more uncertain.
Credit: a market that remains dynamic. Current fundamentals support credit, which will be a preferred bond asset for the next year.
European stocks: a rising market thanks to sustained profit growth. However, this trend still depends on the ability of companies to meet expectations.
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| Robeco | In our base hypothesis, we foresee a cyclical, global, and synchronized rebound that would be a repetition of the 2017 conditions.
The central banks are making their way through a maze: they try to find a balance between political pressures and an economy under high pressure.
Equity: could continue to rise and emerging markets could benefit from the weakness of the dollar.
There is a risk of a drop for the US Treasury bonds.
Sustainable investment: sustainability themes evolve and focus on adapting to climate change and responsible AI.
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| Schroders | In the medium term, there is concern about the increase in public debt levels and the possibility of accelerating inflation. There is a perceived low risk of recession in the US.
There is potential in the hyperscalers and good prospects for equity.
Emerging debt: offers better dynamics and higher real returns than the debt of developed markets.
Private markets: can be considered a key area where cyclical and structural forces align to create opportunities.
The global energy transition, the relocation of supply chains, and the ongoing digital transformation continue to favor long-term growth.
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| Tikehau Capital | Credit remains an essential asset in any allocation due to its ability to generate return, carry and capitalization. Specifically, in the European high yield field, we believe that the fundamentals of issuers remain solid.
We continue to bet on building portfolios around high yield issuers with reasonable debt levels and returns between 4% and 7%.
Selection of instruments with lower ratings, particularly CCC.
Subordinated financial bonds: the fundamentals of the European banking sector remain solid. Within financial bonds, we lean especially towards AT1 subordinated bonds.
Within the banking sector, it mainly focuses on Portuguese, Spanish, Italian and Greek banks.
Very attentive to the possible contagion of AI risk to fixed income markets.
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| Triodos IM | Equity: opportunities especially in small and mid caps, infrastructure and renewable energies, sectors that present attractive valuations and will benefit as soon as the current market distortions normalize; as well as in financial inclusion in emerging markets.
Biodiversity continues to be another promising investment theme.
Anchor the investments in real-world assets that build resilience: renewable energies, circular flows of materials, sustainable food, and inclusive communities.
Private markets: investments will grow substantially by 2026, this means a greater focus on their long-term agenda: energy transition, financial inclusion, and biodiversity.
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| UBS | Invest in transformative innovation: maintain a strong structural bet on AI and other megatrends (longevity, energy/resources), which could weigh up to ~30% of the equity portfolio, without losing sight of bubble risks.
Increase exposure to stocks: with a favorable macro scenario, a ~15% rise in the global stock market is expected by 2026, with a preference for sectors linked to growth and lower rates (technology, utilities, health, banking) and focus on the USA, China, Japan, and Europe.
China: Chinese technology is one of the clearest opportunities due to liquidity, retail flows, and strong profit growth; complement with Asia (India, Singapore) and emerging markets for diversification.
Favor commodities: limited supply, growing demand, geopolitics, and energy transition support the commodities cycle; copper, aluminum, and agricultural commodities stand out, with gold as a defensive diversifier.
Seek diversified income: for income, it is advisable to mix quality bonds with higher yield, dividend stocks, and structured investments to generate carry and control risk in a tight spread environment.
Currencies: preference for euro, AUD, and NOK against the USD in the face of Fed cuts; more volatility is anticipated and better performance of high-yield currencies if risk appetite improves.
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