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1、THE INVESTMENT OUTLOOK FOR 2026THE SHIFTING INVESTMENT LANDSCAPEMarketing communication-For professional investorsTABLE OF CONTENTSLetter to investors4Executive summary6MACROECONOMICS&MARKETSMacroeconomic outlook:Surprisingly resilient 8Market outlookFixed income:Monetary policy should bolster marke

2、ts 11Global equities:The great divide 14FIXED INCOMEWhy flexibility will be key for fixed income investors in 202618PRIVATE ASSETSAlternative credit outlook:Stability amid global shifts 23Real assets outlook:Widening investment opportunities 26SUSTAINABILITYSustainable investing in 2026:The continui

3、ng path to a more resilient future28EQUITIESUS equities33Artificial intelligence:Not a bubbleyet 33European equitiesEuropean strategic autonomy:A long-term investment opportunity37I NVE STM EN T O UT LO O K FOR 2026-2-This paper has been produced for ease of reading on a screen,please do not print u

4、nless absolutely necessary.If you have any feedback on this document,please do not hesitate to share it with us at:I NVE STM EN T O UT LO O K FOR 2026-3-THE AUTHORSI NVE STM EN T O UT LO O K FOR 2026-3-SANDRO PIERRIChief Executive Officer RICHARD BARWELLHead of Macroeconomic Research and Investment

5、Strategy CHRIS IGGOChief Investment Officer,Core Investments,AXA IMDANIEL MORRISChief Market StrategistMICHAEL GRAHAMHead of US High Yield,AXA IMJAMES MCALEVEYHead of Global Aggregate and Absolute Return JACK STEPHENSONUS Fixed Income Investment Specialist,AXA IM BOUTAINA DEIXONNEHead of Euro Invest

6、ment Grade and High Yield Credit,AXA IMCHRISTOPHE FRITSCHGlobal Head of Alternative Credit,AXA IMJUSTIN CURLOWGlobal Head of Research&Strategy Real Assets,AXA IMJANE AMBACHTSHEERGlobal Head of SustainabilityJANE WADIAHead of Sustainability,Core Products&Clients,AXA IMPAMELA HEGARTY Senior Portfolio