2026 Investment Strategy Outlook

2026 Market Outlook: Better Backdrop than 2025 but with More Risk

Despite policy-related volatility stemming from the Trump administration’s tariff initiatives, 2025 concluded with another year of strong market performance. Resilient corporate earnings, declining interest rates, and increased investor diversification beyond U.S. markets provided meaningful support to risk assets.

As attention turns to 2026, the key question is whether earnings growth can be sustained amid improved fiscal and monetary conditions. Our portfolio themes for the year ahead reflect expectations for a more supportive economic backdrop than 2025, while recognizing that a maturing market and economic expansion increase the potential for volatility and periodic corrections.

In our 2026 Market Outlook, our Investment Team outlines how these dynamics shape their perspectives for the year ahead.