Navigator: The road ahead
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Your roadmap for 2026 starts here. Pursue income, unlock growth, stay diversified and build resilient portfolios with ideas built for today’s markets.
The way forward
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01
Roads to income
Expand your universe. Look to Asia. Diversify with high-income equity.
Capture differentiated income streams through global bonds, Asian credit, and equity strategies designed for resilience and yield. -
02
Roads to growth
Keep the U.S. in focus. Be precise in AI exposures. Seek global opportunities.
Position for innovation and resilience by balancing U.S. leadership with emerging market potential and targeted AI strategies. -
03
Roads to diversification
Build resilience. Blend liquid alternatives.
Go beyond the traditional with liquid alternatives and gold to strengthen portfolios against volatility and enhance risk-adjusted returns.
Roads to income
Relying on traditional fixed income could limit returns this year. Look for ways to diversify income sources and improve resilience without sacrificing quality.

High yield, emerging market and non-agency securitized bonds offer the potential to spread risk and open more ways to earn.
Asian USD bonds offer ~70 basis points more yield than U.S. IG corporates1, with 85% investment-grade quality and moderate duration2.
Dividend equities and option overlays can enhance income potential while cushioning downside risk.
Roads to growth
U.S. assets continue to dominate. Massive capital spending on AI is reshaping the economy, creating opportunities along with concentration risks. Active management and precision will be key.

AI now spans semiconductors, infrastructure, software, and industrial applications. Active management helps identify where monetization is strong and avoid where expectations outpace fundamentals.
Asia plays a critical role in the AI buildout – from rare earths to foundry capacity – while offering structural growth and portfolio diversification.
Tap into resilience and strength beyond AI. Dynamic strategies can rotate across styles and sectors as conditions evolve. Innovation bodes well for healthcare. Financials could see market tailwinds.
Roads to diversification
Traditional diversifiers do not provide the ballast they once did. Stocks and bonds today often move together, leaving portfolios exposed when volatility spikes. Look to alternatives to bolster portfolios.

Market-neutral and absolute return strategies offer flexibility, liquidity, and low correlation to traditional assets, helping cushion downside risks and enhance portfolio efficiency.
Gold remains a proven hedge against inflation, geopolitical risk, and market shocks, while gold miners add alpha potential through disciplined capital management.