December 2025
Brent Joyce, CFA, Chief Investment Strategist
Executive Summary
Constructive outlook amid moderating gains
We remain optimistic on global economic and capital market prospects for 2026, supported by solid fundamentals in economic growth, earnings, and monetary and fiscal policy. Our base case anticipates returns across cash, bonds, equities, and alternatives broadly in line with long-run averages. We expect moderating equity market performance given the starting point for valuations and exuberant sentiment in certain areas.
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