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.
Still early innings in the AI investment cycle
Three years after the launch of ChatGPT, we are still in the early innings of the AI revolution, with most of the technology’s economic gains yet to be realized, says Denny Fish.
Why healthcare stocks could excel in 2026
Andy Acker and Dan Lyons explain why low valuations and improving fundamentals could help the healthcare sector stand out in 2026.
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.
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
Absolute return: Building resilience in volatile markets
Why absolute return strategies are set to play a pivotal role in 2026, offering diversification and resilience to offset uncertainty and evolving market dynamics.
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.
Panel discussion
Our experts from across the asset classes discuss their views on the route ahead and how to position accordingly.
5 December 2025
There is no guarantee that past trends will continue, or forecasts will be realised.