AI–celeration
In our Q4 Investment Outlook, we see a market where earnings growth, not valuation expansion, has been doing the heavy lifting. We expect global growth to remain positive, and for markets to stay supported by AI and resilient investments. Governments and companies are strengthening energy security, reconfiguring supply chains and accelerating investment in power generation and networks. At the same time, businesses and workers continue to adapt to AI.
AI remains the defining investment cycle, but the centre of gravity is shifting from novelty to monetisation. As adoption accelerates and use cases proliferate, we prefer exposure where returns are visible and sustainable – across the cloud, semiconductors and AI enabled applications. We also expect earnings growth to broaden beyond US IT into other sectors and regions, supported by the wider inputs AI requires, including materials, industrial capacity and financing.
Our stance remains constructive but selective. We maintain a global equity overweight with preferences including the US, mainland China, Japan and North Asia, complemented by exposure beyond technology. Income remains central: bond markets offer attractive yield and we expect yields to stabilise, supporting an active, medium duration approach. Select alternatives, including infrastructure, hedge funds and private markets where appropriate, can further diversify and help temper volatility.
In this video, Willem Sels, our Global CIO, shares our four priorities and high-conviction themes to build resilient portfolios for Q4 2026.