Investment Outlook | Q2 2026
The disruption that markets still aren’t pricing
The recent oil shock has reminded investors that geopolitics can still move markets sharply. But unless higher energy prices persist long enough to become a genuine demand shock, the more important US theme for the next phase of the cycle is likely to come from elsewhere. Artificial intelligence is moving beyond capital spending and into competitive pressure, a disruption that we see as a more enduring headwind for markets than currently priced in.
Additional highlights
- As the second quarter kicks off, uncertainty abounds, but we still see compelling relative value opportunities across the investment landscape.
- Rising yields are creating more opportunities to capture durable income in high-quality fixed income assets, in our view.
- We find listed infrastructure to be a particularly compelling opportunity within equities.
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