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James Robertson, CIM,

Senior Portfolio Manager, Head of Multi-Asset Solutions, Canada, Head of Tactical Asset Allocation, Multi-Asset Solutions Team

Manulife Investment Management

Read bio

Wind turbines under a clear blue sky generating renewable energy, symbolizing sustainable power and clean electricity.

While 2025 was marked by geopolitical uncertainty and shifting trading patterns, equities managed impressive gains, and the power of diversification came into focus. Despite a bull market in the United States, a weakening U.S. dollar, and high U.S. tech and AI valuations, drove a shift in preference toward global developed- and emerging-market (EM) equities, in addition to other asset classes.

In 2026, stronger liquidity, fiscal stimulus, and the impact of easier monetary policy are expected to support economic growth and global risk assets, even as some uncertainty persists. We also expect opportunities to continue to emerge beyond U.S. equities, reflecting ongoing shifts in global markets.

Positioning for what’s next

Despite a largely constructive outlook, we see the need for a disciplined risk management framework. Elevated valuations, inflation, and geopolitical risks remain concerns, and a multipolar world demands an agile and balanced approach to portfolio positioning. In our view, these are the key themes for 2026:

Liquidity and fiscal stimulus: Supportive monetary and fiscal measures are expected to underpin economic growth and global risk assets. Central banks in major economies are largely at or near the end of their policy cycles, with the U.S. Federal Reserve in easing mode and Japan likely to continue gradual rate hikes.

How global central bank policy evolved in 2025

Policy rates (%)

AI opportunities: Markets generally remain focused on AI, with capital investment in data centers, semiconductors, and cloud infrastructure driving momentum. Further capital investment in the sector could broaden the sector’s economic impact. These developments support maintaining exposure to proven AI beneficiaries, while hedging valuation risk through quality cyclicals and non-U.S. assets.

Diversification in a multipolar world: With shifting regional growth patterns and policy divergence, we believe diversification is more important than ever. International markets, especially in Europe, are gaining traction, and emerging Asian markets present selective opportunities.

Portfolio positioning highlights

We remain modestly overweight on equities, favoring U.S. equities. Our stance on developed international markets outside North America has shifted from overweight to neutral. While domestic cyclical strength persists in these markets, recent improvements in U.S. economic data point to a narrower growth advantage compared to the previous quarter.

Our view remains underweight on fixed income as elevated government debts and sticky inflation continue to make long duration exposures volatile. Within fixed income, we prefer Asia high-yield and EM debt.

Lastly, commodities continue to be an important tool for diversification in the current backdrop. We favor base metals such as copper and aluminum, in addition to gold, which remains a long-term diversifier. Targeted infrastructure and energy transition spending will support sustained demand for copper in 2026. This, coupled with supply constraints, could make the metal an attractive long-term opportunity.

For more details, read the latest asset allocation views from our Multi-Asset Solutions Team.

Important disclosures

Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.

All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients and prospects should seek professional advice for their particular situation. Neither Manulife Wealth and Asset Management, nor any of its affiliates or representatives (collectively “Manulife WAM”) is providing tax, investment or legal advice.

This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife WAM. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife WAM does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife WAM disclaims any responsibility to update such information.

Manulife WAM shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. This material was prepared solely for informational purposes, does not constitute a recommendation, professional advice, an offer or an invitation by or on behalf of Manulife WAM to any person to buy or sell any security or adopt any investment approach, and is no indication of trading intent in any fund or account managed by Manulife WAM. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Unless otherwise specified, all data is sourced from Manulife WAM. Past performance does not guarantee future results.

This material has not been reviewed by, and is not registered with, any securities or other regulatory authority, and may, where appropriate, be distributed by Manulife WAM and its subsidiaries and affiliates. Manulife WAM is the global investment, financial advice, and retirement plan services segment of Manulife Financial Corporation.

© 2026 by Manulife Wealth and Asset Management. All rights reserved. The statements and opinions expressed in this article are those of the author. Manulife WAM cannot guarantee the accuracy or completeness of any statements or data.

MF5150376

James Robertson, CIM,

Senior Portfolio Manager, Head of Multi-Asset Solutions, Canada, Head of Tactical Asset Allocation, Multi-Asset Solutions Team

Manulife Investment Management

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Positioning for what’s next

How global central bank policy evolved in 2025

Portfolio positioning highlights

Important disclosures

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