As we reach the midpoint of 2026, the investment landscape continues to be shaped by the twin forces of geopolitical fragmentation and structural transformation. Markets have remained remarkably resilient on the surface – equities near record highs, volatility subdued – yet beneath that calm lies a world of persistent tensions: a fragile ceasefire in the Middle East, a Strait of Hormuz under pressure, and the ongoing ripple effects of trade and tariff uncertainty. For fund professionals, the central challenge of this edition is both familiar and urgent: are investors truly pricing in geopolitical risk, or is the surface calm masking deeper vulnerabilities?
In this edition, we open with a comprehensive macro overview that examines precisely that question. Leading experts from Bitwise, Allianz Global Investors, J. Stern & Co. and Ofi Invest Asset Management debate whether markets are confidently looking through short-term turbulence or underpricing the longer-term consequences of a fragmenting world. From the resilience of corporate earnings and AI-driven optimism to the structural risks embedded in commodity prices and supply chains, this section sets the tone for an issue defined by the tension between apparent stability and hidden complexity.
Our exclusive interview features Rishma Moennasing, Lead Investment Funds & Mandates at Rabobank. With more than 25 years of experience across equities, fixed income, alternatives and private markets, Moennasing shares her perspective on thematic investing, factor-based portfolio construction and the opportunities she sees in energy transition, innovation and emerging markets – a conversation as grounded in practical portfolio management as it is in structural conviction.
The issue also dedicates significant attention to some of the most debated investment themes of 2026. A special insight section takes an in-depth look at emerging markets funds, asking whether the asset class has evolved beyond its reputation for volatility to offer a compelling long-term opportunity – or whether concentration risks, currency pressures and geopolitical exposure continue to make it a complex and demanding space. Experts from BNP Paribas, Hawksmoor Fund Managers, Millennium bcp and Pekao TFI offer sharply differentiated views on selectivity, corporate governance reform and the growing role of AI-driven semiconductors in reshaping the EM universe.
We also examine Latin America as a quiet winner of global fragmentation: a region that holds critical resources for the energy transition, benefits from nearshoring momentum and is increasingly attracting investor attention as political risk becomes a global – rather than an emerging-market – variable. Alongside that, our opinion section turns to private credit, where rapid growth is now drawing sharper scrutiny. From rising redemption pressures and valuation opacity to the structural opportunity in secondary markets and direct lending, contributors from Natixis Wealth Management, Generali AM, Scope Ratings, Hawksmoor and AllianceBernstein explore whether the asset class represents hidden risk or real opportunity.
Currency exposure takes centre stage in a dedicated section that makes the case for treating FX as a strategic portfolio tool rather than a passive by-product of international investing. Experts explore the outlook for major currency pairs, the role of safe-haven currencies in stress environments and the growing relevance of active currency overlays in a more fragmented monetary landscape.
Our passive investing section presents some of the most innovative and specialised ETFs currently available to European investors, from humanoid robotics and physical AI infrastructure to drone technology, stablecoins, rare earth materials and European infrastructure – a reflection of how the ETF market is evolving well beyond conventional index tracking into highly targeted thematic strategies.
Finally, we close on a more personal note, as industry professionals from across Europe share how they disconnect from markets over the summer – and why that capacity for mental silence may itself be becoming a competitive advantage in an era of information overload.
From geopolitical risk repricing to currency strategy, from the Latin American opportunity to the scrutiny now facing private credit, this edition offers a multidimensional perspective on the forces shaping portfolios in the second half of 2026.
We hope it provides valuable insights for navigating the opportunities, and uncertainties, of the months ahead.
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