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.
Finding attractive entry points into small-cap and quality stocks
Benjamin Wang and Zoey Zhu discuss how the historic valuation discount in small caps versus large caps combined with quality’s worst performance in 30 years creates what they view as a noteworthy setup in 2026.
Global Research: All in play as the corporate sector enters the AI era
The Global Research Team argues that the next few years should prove AI is more than a tech story as companies across sectors seek to leverage its potential for efficiency gains.
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.
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.
U.S. fixed income in 2026: More to come after a strong 2025?
Greg Wilensky discusses why, following an exceptional year across fixed-income sectors in 2025, his outlook for the year ahead is constructive, albeit with a focus on earning carry rather than pursuing significant spread compression.
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.
There is no guarantee that past trends will continue, or forecasts will be realised.