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.
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.
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.
Global smaller companies: primed to outgrow the giants in 2026
From underdogs to potential frontrunners: are small caps ready for a resurgence 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.
2026 Outlook: Capturing opportunities in a new era of policy priorities and growth
As we step into 2026, global markets are entering a new era where geopolitics and policy priorities increasingly overshadow traditional market forces. Jay Sivapalan, Head of Australian Fixed Interest shares the investment outlook for 2026 and explores the opportunities for investors.
Capturing safety and stability through CLOs amid uncertainty
European CLOs offer resilience and opportunity in 2026, driven by strong demand and supportive regulation – helping investors balance yield and stability.
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.
Featured Insights
Panel discussion
Our experts from across the asset classes discuss their views on the route ahead and how to position accordingly.
12 December 2025
There is no guarantee that past trends will continue, or forecasts will be realised.