Portfolio Insights

Timely commentary, strategic perspectives and in-depth analysis from our investment teams to help guide your portfolio decisions.

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Asset class views from our senior investors

Global Asset Allocation Views 4Q 2026

Our base case assumes steady nominal growth and disinflation over the coming year. We are constructive on equities, with a preference for the U.S. and Japan. We lean into U.S. high yield for carry and prefer a long duration position in Europe rather than the U.S.

Global Fixed Income Views 4Q 2026

Evidence of central banks’ independence and inflation fighting credibility, solid economic data and corporate profits, robust capex and resilient consumers lift the likelihood of expansion to 85%, overpowering headwinds from inflation and pushback against AI.

Global Equity Views 3Q 2026

Massive AI investment spending is driving exceptional profit growth. Markets have moved mostly in line with earnings and valuations don’t look excessive. We find long-term value among the so-called “AI losers” and in many defensive stocks far from the AI boom.

Factor Views 3Q 2026

Factors extended gains in Q2, on average, led by equity momentum. We maintain a positive outlook for factors overall: Equity value and equity quality are historically inexpensive; equity momentum could climb, with heightened risk. We recommend diversification among and across factors more than ever.

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