Markets have been shaped by rapidly shifting narratives — from AI disruption and fiscal deficit concerns to recent corrections in tech and gold and conflict in the Middle East. Yet, when we look at the next six months, the fundamental backdrop remains constructive, with global growth led by the US and Asia, resilient corporate earnings, and innovation supporting productivity and margins.

In this environment, resilient multi-asset portfolios have performed well, and this performance should continue in the upcoming six months too. We remain overweight global equities, with a preference for the US and Asia, where growth remains strong and innovation and earnings momentum continue to create opportunities. While AI remains a key structural driver, we also see cyclical opportunities across sectors apart from IT such as Industrials, Financials, Communication Services and Materials.

Resilience also requires diversified sources of return and stability. We therefore favour income generation through investment-grade and emerging market bonds, maintain active currency diversification, and complement public markets holding with private markets. We add to alternatives including hedge funds, private equity, private credit, infrastructure and multi-asset strategies to manage volatility and broaden opportunity sets — continuing to diversify our diversifiers. We also overweight gold as a tail-risk hedge. 

In this video, Willem Sels, our Global CIO highlights our investment priorities and high-conviction themes shaping our move into Q2 2026’s broader, more resilient opportunity set.