| 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 strong 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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| BBVA Private Banking | The global economy could grow slightly above 3% in 2026 (similar pace to 2025).
Equity: the most favored sectors will be those linked to the strong global investment cycle, such as semiconductors, industry, defense, and financial sector. On the contrary, sectors such as energy or some traditional defensives, such as telecommunications and basic consumption, present a less favorable scenario.
By geographies: although the US will continue to be a benchmark market, it is important to expand regional diversification, with opportunities in Europe, especially due to the investment boost in defense and infrastructure, Japan and emerging markets.
Fixed income: bet on the short and medium segments of the curve (between two and five years), avoiding the long segments due to their greater sensitivity to fiscal and inflationary risks. High quality is prioritized in credit, as well as emerging country fixed income, both in strong and local currency.
Currencies: relatively lateral behavior of the euro/dollar, with a slight appreciation of the euro towards levels around 1.20.
Commodities: the renewed attractiveness of gold stands out, driven by institutional demand and the repositioning of some central banks.
Private markets: important a correct selection of vehicles, an adequate understanding of illiquidity and an orderly distribution.
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| CaixaBank AM | 2026 will not be a year for static positions, but for a close, adaptable management and very attached to the pulse of the market.
2026 will be a year marked by uncertainty and a range of scenarios much more open than usual.
Portfolios should be managed by combining prudence and agility: well-calibrated geographical diversification, sensitivity to duration risks in fixed income, attention to credit quality and constant vigilance of emerging and European markets, which will continue to offer selective opportunities.
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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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| CBNK Asset Management | The global economy will continue to grow, on a reasonably solid basis, albeit at a more measured pace of around 2.6%.
Inflation: although more contained in the Eurozone (around 2%), it continues to show some resistance in the US (closer to 3%), which forces central banks to act with extreme caution.
Focus on risk management and the importance of professional advice.
Periods of greater uncertainty offer the best opportunities for those who know how to maintain calm and conviction in the long term.
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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 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, together with stability in valuations, strengthens 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 Equity: the "Magnificent Seven" can still support the market due to their profit power and stable commitment to AI, but leadership is beginning to show more dispersion among large tech companies.
European Equity: 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 Equity: 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 interest rate reductions 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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| iCapital | Favorable base scenario with three alerts: demanding valuations in the US stock market, possible rebound of inflation in the US and fiscal weakness in some economies.
More selective allocation: less megacaps and less tech bias, and more in the euro zone and emerging markets; reinforcing quality fixed income, emerging debt and infrastructure.
Emerging markets, the great focus of opportunity: both in fixed income and equity, supported by more stable currencies, lower debt weight, low inflation and a growth differential reinforced by the expectation of lower interest rates.
Real diversification: currency, alternatives and commodities. Underweight the dollar, overweight non-directional absolute return (specifically event driven strategies) and in illiquid infrastructure, as well as accumulate other investments linked to the real economy (private equity/buy outs, real estate, private debt).
Commodities: neutral view on gold and precious metals, and negative on oil and derivatives.
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| ING | US driving the world economy, China increasing its influence in different regions and Europe (especially Germany) trying to become relevant again.
Spain: the opportunity to use the NextGen funds remains relevant to increase quality growth.
Three challenges stand out for 2026 among the ten identified:
1. Investment in AI as a source of income for companies and engine of economic growth.
2. Maintaining trust 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 the 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 on 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 are entering 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 less 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 emerging market sovereign debt and overweight on emerging corporate debt.
Equity: AI continues to be a key driver (greater diversification advised). 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.
Raw materials: persistent pressure 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 a safe haven asset.
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| Mercer | Global equities: neutral stance although Japanese stocks are favored due to their solid fundamentals and dynamism driven by AI, fiscal stimuli and monetary easing. Major corrections are not expected except for a disappointment in tech sector revenues, and there are no clear signs of overbuying.
Fixed income: neutral outlook on global government bonds and inflation-linked bonds, although regional opportunities, especially in long-term gilts, stand out.
Credit: emerging market debt, frontier markets and Asian high yield are attractive compared to investment grade credit.
Currencies: the Japanese yen is the preferred option against the British pound and the Swiss franc. Slight underweight in US dollar due to overweight in frontier market debt.
Private markets: strategies that provide liquidity, such as secondary acquisitions, co-investments and continuation vehicles, are relevant. Real assets gain traction after a prolonged adjustment of valuations.
Alternative investments: hedge funds are attractive due to greater dispersion within and between markets and asset classes, which favors alpha generation in a higher rate environment.
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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 relevant source of return. In the US, a barbell strategy is favored, combining short duration with exposure in the 7–10 year tranche.
Clear preference for high yield and BBB credit. In investment grade, the compression of risk premiums 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 dependence on the dollar, 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 don't seem to be any surprises in interest rates and inflation, especially in Europe. Although 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. Within them, it 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 greatest 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 outlook for long-term interest rates remains 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 conditions of 2017.
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 benefit from the weakness of the dollar.
There is a risk of a drop for US Treasury bonds.
Sustainable investment: sustainability themes evolve and focus on adaptation 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 hyperscalers and good prospects for equity.
Emerging debt: offers better dynamics and higher real returns than developed market debt.
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 the 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 are particularly inclined 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 the 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 investments in real-world assets that build resilience: renewable energies, circular material flows, sustainable food and inclusive communities.
Private markets: investments will grow substantially in 2026, this means a greater focus on their long-term agenda: energy transition, financial inclusion and biodiversity.
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| T. Rowe Price | The American economy is recovering from the growth scare of 2025, but the euro zone could lag behind, as tariff anticipation weighs on the manufacturing industry.
AI: set to be the biggest driver of productivity since electricity.
Fixed income: selective opportunities in the credit sector, but expansive fiscal policy will drive up the yields of longer-term government bonds.
Variable income : leadership is expanding as AI extends, while fiscal stimuli and reindustrialization are driving opportunities beyond American technology .
Private markets: new growth of venture capital and credit .
Asset allocation: we prefer stocks over bonds. In addition, we favor exposure to currencies outside the US as a way to benefit from the likely weakness of the US dollar.
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| UBS | Investing in transformative innovation: maintaining 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 US, 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 products 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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