global
GLOBAL
GLOBAL
en
global_noInvestor_classes
noInvestor
noInvestor
en
en
Skip to main content
Global
Uk flag icon
EN
Search
Close
Mobile menu open
Mobile menu close
For use by professional clients and/or equivalent investor types in your jurisdiction (not to be used with or passed on to retail clients).
view of the city from the river

Insights

Multi-Asset Investment Outlook 2026: Balancing at great heights

Our perspective on the global economy and financial markets, and on the investment themes likely to prove consequential in the months – and years – ahead

Multi-Asset Investment Outlook 2026

Paul Niven
Head of Multi-Asset Solutions (EMEA)

I am delighted to present our Multi-Asset Investment Outlook 2026. This document provides our perspective on the global economy and financial markets, and on the investment themes we believe will prove consequential in the months – and years – ahead. In addition, we have updated our forward-looking capital market assumptions, covering expected returns and volatilities for 22 asset classes.

So far, 2025 has seen a number of significant developments, with the unpredictable and inconsistent policies of US president Donald Trump, along with military action in the Middle East, causing substantial volatility in financial markets. Despite this, economic fundamentals remain reasonably strong, with greater – albeit incomplete – clarity around tariff policy and related impacts. Although US inflation is expected to remain above target, Federal Reserve (Fed) rates are expected to be cut by up to 1% by the end of 2026, while the European Central Bank (ECB) has scope for another cut in interest rates.

Investment themes

The US

  • The potential end of US ‘exceptionalism’.
  • The US dollar has seen pronounced weakness, with scope for further downside, and the share of highly concentrated US equities in global market indices is at record highs.
  • We expect a broadening in market returns but are mindful of the strong competitive positions of leading US companies in high growth industries. 

Europe

  • European equities have seen a good start to the year.
  • The removal of Germany’s ‘debt brake’, along with plans to increase fiscal expenditure on defence and infrastructure, may see a better growth backdrop for the eurozone.
  • However, rising debt burden may cause challenges for the bond market.

AI

  • Industries are set to be transformed by AI, potentially enhancing productivity and gains to capital, and raising overall economic growth rates.
  • The technology presents tremendous challenges to policymakers, businesses and individuals, but should also drive meaningful improvements in productivity – faster than has been the case historically.

The outlook, as always, is uncertain and valuations in equity markets and credit spreads are high relative to history. While mindful of the risks, we are excited by the opportunities for investors. We remain resolutely focused on helping our clients navigate both the risks and opportunities that will present themselves over the coming years and trust that you find our insights helpful and instructive in your strategic deliberations.

Interested in learning more?

Download the full 2026 Investment Outlook for an economic roundup from our senior economist, Anthony Willis, and a financial markets and capital market assumptions breakdown from investment strategist Jitzes Noorman.

Download

Key topics

Multi-Asset

Subscribe to insights

Get the most out of your email by tailoring the types of insights and information you would like to receive from us.
Subscribe

Latest articles

view of the city from the river

Multi-Asset Investment Outlook 2026: Balancing at great heights

Our perspective on the global economy and financial markets, and our views on the investment themes likely to prove consequential in the months – and years – ahead.
Building entrance

Real estate: an intrinsic ‘productive finance’ asset

UK real estate is well positioned to deliver positive outcomes – measured against both financial performance and the government’s agenda to promote assets that contribute positively to long-term economic growth.
women at the supermarket choosing cheese 1920x500

Market Perspectives: Making sense of US inflation data

While the tariff theme continues to rumble away, this week has been all about the economic data and trying to decipher whether the tariffs are showing up in US inflation.
  • 44399
Key topics
Multi-Asset
Related topics
Multi-Asset
Back to all insights

Important information

For use by professional clients and/or equivalent investor types in your jurisdiction (not to be used with or passed on to retail clients). For marketing purposes.

This document is intended for informational purposes only and should not be considered representative of any particular investment. This should not be considered an offer or solicitation to buy or sell any securities or other financial instruments, or to provide investment advice or services. Investing involves risk including the risk of loss of principal. Your capital is at risk. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The value of investments is not guaranteed, and therefore an investor may not get back the amount invested. International investing involves certain risks and volatility due to potential political, economic or currency fluctuations and different financial and accounting standards. The securities included herein are for illustrative purposes only, subject to change and should not be construed as a recommendation to buy or sell. Securities discussed may or may not prove profitable. The views expressed are as of the date given, may change as market or other conditions change and may differ from views expressed by other Columbia Threadneedle Investments (Columbia Threadneedle) associates or affiliates. Actual investments or investment decisions made by Columbia Threadneedle and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. This document and its contents have not been reviewed by any regulatory authority.

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414. TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This document should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act. TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

 

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

 

In Japan: Issued by Columbia Threadneedle Investments Japan Co., Ltd. Financial Instruments Business Operator, The Director-General of Kanto Local Finance Bureau (FIBO) No.3281, and a member of Japan Investment Advisers Association and Type II Financial Instruments Firms Association.

 

In the UK: Issued by Threadneedle Asset Management Limited, No. 573204 and/or Columbia Threadneedle Management Limited, No. 517895, both registered in England and Wales and authorised and regulated in the UK by the Financial Conduct Authority.

 

In the EEA: Issued by Threadneedle Management Luxembourg S.A., registered with the Registre de Commerce et des Sociétés (Luxembourg), No. B 110242 and/or Columbia Threadneedle Netherlands B.V., regulated by the Dutch Authority for the Financial Markets (AFM), registered No. 08068841.

 

In Switzerland: Issued by Threadneedle Portfolio Services AG, Registered address: Claridenstrasse 41, 8002 Zurich, Switzerland.

 

In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributors with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it.

 

This document may be made available to you by an affiliated company which is part of the Columbia Threadneedle Investments group of companies: Columbia Threadneedle Management Limited in the UK; Columbia Threadneedle Netherlands B.V., regulated by the Dutch Authority for the Financial Markets (AFM), registered No. 08068841.

© Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.

Related Insights

21 July 2025
Multi-Asset
Multi asset

Anthony Willis

Senior Economist

Market Perspectives: Making sense of US inflation data

While the tariff theme continues to rumble away, this week has been all about the economic data and trying to decipher whether the tariffs are showing up in US inflation.
Read more
17 July 2025
Multi-Asset

Asset Allocation update - July 2025

The consensus view in financial markets is that tariffs are on a deescalating path, but uncertainty remains high and there is a risk of complacency.
Read more
14 July 2025
Multi-Asset
Multi asset

Anthony Willis

Senior Economist

Market Perspectives: The tariffs Wheel of Fortune continues to spin

Tariffs are once again dominating headlines, with plenty of new rates being announced by the White House.
Read more
22 July 2025
Alternatives

Guy Glover

Director, Property Funds

James Coke

Executive Director & Fund Manager

Real estate: an intrinsic ‘productive finance’ asset

UK real estate is well positioned to deliver positive outcomes – measured against both financial performance and the government’s agenda to promote assets that contribute positively to long-term economic growth.
Read more
21 July 2025
Multi-Asset
Multi asset

Anthony Willis

Senior Economist

Market Perspectives: Making sense of US inflation data

While the tariff theme continues to rumble away, this week has been all about the economic data and trying to decipher whether the tariffs are showing up in US inflation.
Read more
17 July 2025
Multi-Asset

Asset Allocation update - July 2025

The consensus view in financial markets is that tariffs are on a deescalating path, but uncertainty remains high and there is a risk of complacency.
Read more

Important information

For use by professional clients and/or equivalent investor types in your jurisdiction (not to be used with or passed on to retail clients). For marketing purposes.

This document is intended for informational purposes only and should not be considered representative of any particular investment. This should not be considered an offer or solicitation to buy or sell any securities or other financial instruments, or to provide investment advice or services. Investing involves risk including the risk of loss of principal. Your capital is at risk. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The value of investments is not guaranteed, and therefore an investor may not get back the amount invested. International investing involves certain risks and volatility due to potential political, economic or currency fluctuations and different financial and accounting standards. The securities included herein are for illustrative purposes only, subject to change and should not be construed as a recommendation to buy or sell. Securities discussed may or may not prove profitable. The views expressed are as of the date given, may change as market or other conditions change and may differ from views expressed by other Columbia Threadneedle Investments (Columbia Threadneedle) associates or affiliates. Actual investments or investment decisions made by Columbia Threadneedle and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. This document and its contents have not been reviewed by any regulatory authority.

In Australia: Issued by Threadneedle Investments Singapore (Pte.) Limited [“TIS”], ARBN 600 027 414. TIS is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and relies on Class Order 03/1102 in respect of the financial services it provides to wholesale clients in Australia. This document should only be distributed in Australia to “wholesale clients” as defined in Section 761G of the Corporations Act. TIS is regulated in Singapore (Registration number: 201101559W) by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289), which differ from Australian laws.

 

In Singapore: Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore 239519, which is regulated in Singapore by the Monetary Authority of Singapore under the Securities and Futures Act (Chapter 289). Registration number: 201101559W. This advertisement has not been reviewed by the Monetary Authority of Singapore.

In Hong Kong: Issued by Threadneedle Portfolio Services Hong Kong Limited 天利投資管理香港有限公司. Unit 3004, Two Exchange Square, 8 Connaught Place, Hong Kong, which is licensed by the Securities and Futures Commission (“SFC”) to conduct Type 1 regulated activities (CE:AQA779). Registered in Hong Kong under the Companies Ordinance (Chapter 622), No. 1173058.

 

In Japan: Issued by Columbia Threadneedle Investments Japan Co., Ltd. Financial Instruments Business Operator, The Director-General of Kanto Local Finance Bureau (FIBO) No.3281, and a member of Japan Investment Advisers Association and Type II Financial Instruments Firms Association.

 

In the UK: Issued by Threadneedle Asset Management Limited, No. 573204 and/or Columbia Threadneedle Management Limited, No. 517895, both registered in England and Wales and authorised and regulated in the UK by the Financial Conduct Authority.

 

In the EEA: Issued by Threadneedle Management Luxembourg S.A., registered with the Registre de Commerce et des Sociétés (Luxembourg), No. B 110242 and/or Columbia Threadneedle Netherlands B.V., regulated by the Dutch Authority for the Financial Markets (AFM), registered No. 08068841.

 

In Switzerland: Issued by Threadneedle Portfolio Services AG, Registered address: Claridenstrasse 41, 8002 Zurich, Switzerland.

 

In the Middle East: This document is distributed by Columbia Threadneedle Investments (ME) Limited, which is regulated by the Dubai Financial Services Authority (DFSA). For Distributors: This document is intended to provide distributors with information about Group products and services and is not for further distribution. For Institutional Clients: The information in this document is not intended as financial advice and is only intended for persons with appropriate investment knowledge and who meet the regulatory criteria to be classified as a Professional Client or Market Counterparties and no other Person should act upon it.

 

This document may be made available to you by an affiliated company which is part of the Columbia Threadneedle Investments group of companies: Columbia Threadneedle Management Limited in the UK; Columbia Threadneedle Netherlands B.V., regulated by the Dutch Authority for the Financial Markets (AFM), registered No. 08068841.

© Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.

For professional investors in EMEA APAC only

Legal and regulatory disclosures

The analysis included on this website is for professional investors in EMEA APAC. This material should not be considered as an offer, solicitation, advice or an investment recommendation. This communication is valid at the date of publication and may be subject to change without notice. Any opinions expressed are made as at the date of publication but are subject to change without notice and should not be seen as investment advice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. 

I have read and accept the terms and conditions of this site:

Accept
Decline
Subscribe to insights

Please confirm a few details about yourself to visit your preference centre

*Mandatory fields

Something went wrong, please try again

Thank you. You can now visit your preference centre to choose which insights you would like to receive by email.

Visit preference centre

To view and control which insights you receive from us by email, please visit your preference centre.

Visit preference centre
Woman listens to music through headphones
Play Video

CT Property Trust- Fund Manager Update

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium

Your privacy is important to us. You should read our Privacy Statement and Cookies Policy to better understand how we use your personal information. Learn more
Decline
Accept