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Outlook 2026: The Age of Alpha

Inflation re-emerging. Growth under pressure. Concerns about an AI bubble. Capital flowing eastwards. Fidelity’s annual Outlook guides you through all these themes and more, helping you build resilient portfolios for an uncertain world.

Inflation re-emerging. Growth under pressure. Concerns about an AI bubble. Capital flowing eastwards. Fidelity’s annual Outlook guides you through all these themes and more, helping you build resilient portfolios for an uncertain world.

Macro and Multi Asset: Time to broaden horizons
Macro and Multi Asset: Time to broaden horizons

2026 looks constructive for risk assets, but there are structural shifts to watch

Equities: AI calculations dominate
Equities: AI calculations dominate

The AI investment boom will continue to push corporate earnings higher, but the rewards in some areas may not match the exuberance

Hyun Ho Sohn avatar
A word on: Technology stocks

Not all AI investment will be profitable.

James Durance avatar
A word on: Credit

High coupons and the right borrowers can deliver solid returns even if pricing is tight

Michael Riddell avatar
A word on: Strategic bond portfolios

The dollar’s decline is structural and has only just begun to play out, making a strong case for emerging debt

Min Zeng avatar
A word on: Japanese equities

The most promising sectors for Japanese equities in 2026

Belinda Liao avatar
A word on: Asian bonds

Beyond dollar assets, local currency bonds are a strong contender, supported by their diversification benefits and attractive risk-adjusted returns

Fixed Income: Don't underestimate duration
Fixed Income: Don't underestimate duration

Divergence on interest rates and inflation will create opportunities; a high starting level of yields bodes well for total returns despite tight valuations

Asia: Capitalising on technology and corporate reforms
Asia: Capitalising on technology and corporate reforms

Asian markets weathered 2025 better than expected. Amidst profound technological and geopolitical change, the region’s resilience should not be underestimated

Fidelity Analysts: AI is starting to make itself useful to businesses
Fidelity Analysts: AI is starting to make itself useful to businesses

Fidelity International's research team looks at what artificial intelligence means for company fundamentals

Digital Assets Outlook: From code to core
Digital Assets Outlook: From code to core

The cryptocurrency world is maturing as a location for investment

A word on: Diversification

It helps to hold a range of assets when markets are volatile, especially if those strategies can invest across geographies and investment styles

Matt Jones avatar
A word on: Absolute return

These strategies provide investors with an alternative way to seek protection when traditional assets fail

A word on: Private assets

Outside of public markets, there are unconventional means of capitalising on megatrends like AI and the energy transition

A word on: Equity income and valuations

The heart of the game in frothy markets is identifying the businesses that are not overvalued, or better still, undervalued

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