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Economic resilience to tariffs
Valuation and concentration risks, and extreme euphoria
Tech capex and industrial policy reorientation
Financial repression and fiscal dominance
Liquidity and central bank easing
Geopolitical risks amid controlled disorder
Forces to keep the cycle turning...
...and risks to balance
Keep it turning
2026 Investment Themes
Go to forces and risks
2026 Investment Themes
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Go to Forces and Risks
Diversifying in an era of controlled disorder We face an era of controlled disorder: a multipolar world reshaped by a tech revolution and fiscal divergence. Inflation risks have become more structural, driven by reshoring, the climate transition, and trade frictions. This calls for selective risk‑taking and increased diversification in FX, gold, and real assets.
Thinking global:
equities beyond the tech race Robust earnings growth, Fed rate cuts, and stronger‑than‑expected economic resilience support the rally. Concentration and valuation risks call for a global, diversified search for the winners in this transformative era.
Powering sustainable growth The AI story and tech transformation are driving rising energy demand amid the net-zero transition. This opens opportunities in climate-focused equities, sustainable infrastructure, and green bonds.
Bonds in the new policy order
High and rising US public debt, and a weaker US dollar, are likely to reinforce demand for global bond diversification. In this new paradigm, we favour European fixed income, and in the US, investment‑grade credit, over more volatile US Treasuries.
The European journey continues Reforms, the defence and infrastructure push, and industrial policies oriented toward strategic autonomy, can reshape Europe’s macro‑financial ecosystem. This can unlock opportunities in euro corporate credit, small and mid caps, and themes tied to defence, infrastructure, and strategic autonomy.
Shifting blocks in Emerging Markets Growth premia and expected Fed cuts should support EM opportunities amid shifting geopolitical equilibria. EM bonds stand out for high income and diversification, while EM equities offer a diversified set of opportunities, spanning China’s tech and rare earths to the ‘Make in India’ transformation.
2026 Investment Themes
Diversifying in an era of controlled disorder We face an era of controlled disorder: a multipolar world reshaped by a tech revolution and fiscal divergence. Inflation risks have become more structural, driven by reshoring, the climate transition, and trade frictions. This calls for selective risk‑taking and increased diversification in FX, gold, and real assets.
Thinking global:
equities beyond the tech race Robust earnings growth, Fed rate cuts, and stronger‑than‑expected economic resilience support the rally. Concentration and valuation risks call for a global, diversified search for the winners in this transformative era.
Go to forces and risks
Powering sustainable growth The AI story and tech transformation are driving rising energy demand amid the net-zero transition. This opens opportunities in climate-focused equities, sustainable infrastructure, and green bonds.
Bonds in the new policy order
High and rising US public debt, and a weaker US dollar, are likely to reinforce demand for global bond diversification. In this new paradigm, we favour European fixed income, and in the US, investment‑grade credit, over more volatile US Treasuries.
The European journey continues Reforms, the defence and infrastructure push, and industrial policies oriented toward strategic autonomy, can reshape Europe’s macro‑financial ecosystem. This can unlock opportunities in euro corporate credit, small and mid caps, and themes tied to defence, infrastructure, and strategic autonomy.
Shifting blocks in Emerging Markets Growth premia and expected Fed cuts should support EM opportunities amid shifting geopolitical equilibria. EM bonds stand out for high income and diversification, while EM equities offer a diversified set of opportunities, spanning China’s tech and rare earths to the ‘Make in India’ transformation.
2026 Investment Themes
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Go to Forces and Risks
