Market GPS
Portfolio manager outlooks 2026
Investment team insights to help you navigate the risks and opportunities ahead. Explore asset class overviews and more focused outlooks from our portfolio manager experts.
Equities
Featured Outlook
Positioning portfolios for a transformative era
In their 2026 outlook, Lucas Klein and Marc Pinto discuss how AI and structural reforms, especially in Europe, present opportunities for selective investors.
U.S. midcaps in 2026: Managing risk around industry concentrations
Brian Demain discusses why he believes it’s important to stay focused on diversification and business-model quality heading into 2026.
U.S. Large-cap growth in 2026: Due for a reshuffling?
Brian Recht explores how AI is moving from blanket enthusiasm to competitive differentiation and why extreme market concentration creates opportunities in overlooked segments.
After a strong year for global equities, where to find opportunities in 2026
With valuations increasingly elevated, Julian McManus and Chris O’Malley explain why a selective approach to global equities is critical as we head into the near year.
Fixed Income
Featured Outlook
Building resilience in 2026
Alex Veroude explains why the credit cycle in fixed income still has further to run in 2026 but why investors should build some resilience into their portfolios.
Short-duration fixed income: Sizing up risks across global bond curves
Daniel Siluk and Addison Maier argue that already elevated inflation coupled with fiscal stimulus should compel bond investors to assess risks along all points of the yield curve.
Multi-sector fixed income: Bullish on spread carry
John Lloyd shares why he believes multi-sector fixed income is poised for continued strong performance in his 2026 investment outlook.
U.S. securitized: Finding opportunities in AI, and elsewhere, as a new era dawns
John Kerschner discusses how macroeconomic themes are impacting securitized markets and where he sees opportunities in his 2026 outlook.
Alternatives
Why private credit’s asset-backed finance is coming of age
Private credit is expanding rapidly – and asset-backed finance (ABF) is leading its next phase. In 2026, we believe the winners will be defined by transparency, data precision, and disciplined execution.
There is no guarantee that past trends will continue, or forecasts will be realised.