Investing

A majority of large asset managers are most optimistic about equities for 2026, particularly those from emerging markets. US equities remain a strategic cornerstone, while Europe and Japan play a smaller but growing role in geographic diversification.

Bankhaus Metzler is preparing for another year of strong performance in German equities. The nearly 20 percent rise in the DAX this year will likely not be matched in 2026, said equity strategist Uwe Hohmann, but an increase of 10 percent is within reach.

Many fund houses mark Liberation Day—the day president Trump announced sharply higher US trade tariffs—as the standout moment of 2025, according to the Investment Officer Outlook Survey 2026. But what surprised asset managers even more was how quickly markets carried on in the months that followed, as if nothing had happened.

Van Lanschot Kempen is upgrading its investment infrastructure by adopting Amundi’s Alto platform, a move designed to simplify workflows and bring front- and middle-office functions closer together, the Dutch wealth manager told Investment Officer.

While ESG may be politically sensitive, Invesco reports that inflows continue to build. Natixis IM’s US Media Summit in New York showed just how sharply opinions on the theme diverge across the Atlantic.

Milleis Banque Privée anticipates a scenario for 2026 similar to 2025: moderate global growth and disinflation. In a still volatile environment, diversification remains the key theme. With this in mind, the bank plans to reduce the share of cash investments in favor of listed and unlisted bonds, and to diversify its equity portfolios.

European equities are getting more interesting, say asset management and private banking experts at Quintet, Pictet and Artemis Investment Management.

AI is going to change the world, but which companies will benefit most from that trend? Investors who put money into trends and themes such as AI look for a solid benchmark to determine the purity of their investments. The goal is high purity. That does not always work out.

Dan Ariely has devoted his career to understanding irrational behavior. According to the Duke University professor of psychology and behavioral economics, ESG investors are the perfect test group. They focus, he says, on what is easy to measure rather than on what actually matters for returns.

Stretched valuations alone are not enough to derail the equity market as long as the economic backdrop remains stable, says Johanna Kyrklund, group CIO at Schroders.