Capturing Opportunities and Managing Risk Across Market Cycles

At the outset of 2026, markets are shaped by firmer growth, persistent inflation, and accelerating innovation, reshaping opportunities across asset classes. A higher-for-longer rate environment keeps carry and quality credit central to fixed income, while selective opportunities in convertibles, high yield, and emerging markets require disciplined selection amid rising issuance and diverging policy paths. 

In equities and multi-asset portfolios, earnings drivers are broadening as investment in artificial intelligence, energy transition, and reindustrialization supports global momentum, though elevated valuations and geopolitical risks reinforce the need for balance and diversification.

Drawing on perspectives from across our affiliated boutiques, our Q1 2026 outlooks highlight where active research and thoughtful positioning may help investors capture opportunity while managing risk as the year unfolds.