After a remarkably resilient performance in 2025 for the global economy and markets, the Asset Allocation Committee (AAC) maintains confidence in its overall outlook—continued strength in growth and risk assets over the medium term, with targeted tactical exposures across asset classes and regions.
In spite of concerns about AI-related valuations, we believe a strong economy—with monetary stimulus in the pipeline and still more to come—has set the stage for stronger equity performance in 2026.