Addressing deep inequalities in advanced economies, securing critical resources and supply chains, maintaining credible defence capabilities, and responding to demographic decline — all while dealing with rising tensions around immigration — will stretch both governments and markets.
At the same time, policymakers and investors must capture the opportunities offered by the AI revolution while preparing for its strain on energy systems and power grids. This is the backdrop against which decisions will be taken in 2026; it is a context that demands reading the markets with precision.
These challenges will push governments, central banks, and institutional investors towards more deliberate coordination. A broader form of state capitalism is likely to emerge, with capital and policy increasingly steered towards strategic national objectives.
Some long-standing concerns may be pushed aside as immediate structural pressures dominate. Fiscal deficits and rising public debt, for instance, are at risk of being deprioritised again, despite their long-term consequences and the nearterm impact on private-sector financing. By contrast, sectors aligned with strategic priorities will attract capital, policy backing, and regulatory momentum, becoming central destinations for future investment flows.
A pragmatic, evidence-based mindset is essential. Ideological filters often cloud judgement; clarity comes from focusing on what can be measured and what is already unfolding. If these structural issues remain unaddressed, political polarisation will deepen, raising the stakes for credible solutions. The outlook for 2026 is therefore one of cautious optimism, paired with an unvarnished recognition of the scale of the transition ahead.
Against this backdrop, Mirabaud’s experts have assembled their key insights for the year ahead. The brochure opens with a macro lens on the forces reshaping the investment environment, followed by a strategy section that sets out positioning and high-conviction themes. It concludes with deep dives into equity opportunities — areas viewed as essential for staying invested through this period of structural change.
If there is one principle I would urge you to take to heart, it is that diversification remains the most reliable tool for managing risk — particularly at a time when structural shifts create both opportunity and uncertainty.
