We are pleased to share our latest Market Outlook for Q1 2026, “Everything Everywhere All at Once”. A market still powered by structural trends, especially AI and power infrastructure, but now facing a more selective environment where discipline and execution matter more than ever.

Key Areas We Explore:

• 2025 in Review: AI, semiconductors, and power led the market, with precious metals and bonds also rallying as yields fell and demand surged.
• International Markets: Outperformance in developed markets was largely a dollar story in Europe, with Japan and Emerging Markets in Asia as bright spots going forward.
• Valuations & Volatility: Equity valuations are elevated, widening the cone of uncertainty for 2026, and we expect more market breadth and higher volatility.
• Private Markets: Secondaries and direct lending offer differentiated opportunities as dispersion increases.