Growth momentum
Growth in the US has held up, and strong capex spending and earnings will give momentum into 2026.
Market trends
Some market trends are extended, but we don’t think valuations are yet egregious: markets have further to go in the near-term. Private markets offer attractive entry points following recalibration.
Risks and catalysts
Fiscal policies in the US and elsewhere are storing up trouble. The bond market could be a catalyst for a possible correction.
Outlook 2026
How to navigate diverging valuation dynamics across asset classes at a time when fiscal risks and trade tensions are on the rise. Johanna Kyrklund, Group CIO, and Nils Rode, CIO, Schroders Capital, discuss opportunities to diversify for growth, income and resilience across public and private markets.
"We are seeing some signs of froth in the market, and even AI leaders are talking about bubbles. This risk needs to be managed at stock level."
Group Chief Investment Officer
Outlook 2026: the big picture
Schroders’ Group CIO Johanna Kyrklund sets out a broad perspective for the year ahead.
Hear from our experts
Private markets
Private markets – with their long-term capital, active ownership approach, emphasis on bottom-up value creation and uncorrelated risk and return drivers – could be valuable components of resilient portfolio construction in an environment of increasing uncertainty and complexity. We look at the strategies that are well positioned to thrive.
Equities
Are we in bubble territory? Perhaps, but in part valuations are supported by hyper-scaler cashflows and could have further to go. We look at potential opportunities in 2026 and gauge the extent of likely risks.
Fixed income
Selectivity counts. The landscape is shaped by cycles that are increasingly out of sync across major economies.
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