Executive summary
- Global growth remains very strong, with productivity gains, rising incomes, and wealth-backed spending, allowing global “Exceptionalism” to continue to create investment opportunities.
- Our 2026 “4Rs” theme frames the key drivers succinctly: the AI Revolution, with the Return of Capital (i.e policy stimulus and ample liquidity on the sidelines), and improving Risk Appetite, can lead to robust Returns for investors.
- This “Goldilocks” investment environment can favour growth-linked assets like equities and industrial metals.
- Disruption from AI will lead to winners and losers, with spillovers beyond IT. There could be other event-driven market volatility over 2026, despite strong fundamentals, making active management crucial for alpha generation.
- We have a positive outlook for fixed income returns in 2026.
Our Q1 2026 investment views in a nutshell: hear from our Head of Investment Strategy
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