News | Outlook 2026
News, insights, and initiatives from Compass Asset Management
Outlook 2026
As 2026 begins, investors are facing a macroeconomic environment still characterised by strong heterogeneity across geographic areas, persistent inflationary pressures in some key economies, and monetary policies gradually moving toward a phase of normalisation.
This scenario calls for an analytical, prudent, and selective approach. Below we share some reflections on potential scenarios and on how Compass Asset Management is interpreting current and future dynamics, in line with an active and diversified investment philosophy.
Which macroeconomic scenarios do you consider plausible for 2026, based on current data?
Based on the information currently available, we consider a scenario of moderate and uneven global growth to be plausible, with significant differences across geographic regions.
The environment remains influenced by geopolitical factors, inflationary dynamics still present in certain economies, and a normalisation process of monetary policies proceeding at different speeds.
In this context, it appears appropriate to consider a range of possible scenarios, avoiding single-track interpretations and maintaining a flexible, risk-aware approach.
How is Compass AM positioning itself with respect to potential developments in global monetary and fiscal policies?
Compass Asset Management closely monitors the evolution of monetary and fiscal policies, fully aware of their impact on financial markets and liquidity conditions.
Our approach is not based on precise forecasts, but rather on the continuous assessment of potential scenarios.
Portfolio management prioritises flexibility and diversification, allowing exposures to be adjusted in response to changes in the macroeconomic environment and decisions taken by major monetary authorities.
Which market segments could be of interest in the current environment, while taking associated risks into account?
In a context requiring greater selectivity, certain market segments may offer opportunities, provided they are carefully analysed and embedded within a coherent portfolio construction framework.
Areas linked to technological innovation, infrastructure, and sectors with defensive characteristics may represent areas of interest. Nevertheless, each investment involves risks and requires a careful assessment of market conditions and investor objectives.
What are the main challenges investors may face in 2026?
Key challenges include heightened geopolitical uncertainty, financial market volatility, and the possibility of rapid changes in macroeconomic conditions.
In addition, the normalisation of interest rates and the evolution of monetary policies may continue to affect asset valuations, making a disciplined approach and careful management of expectations essential.
Are there geographic areas or sectors that, based on your analysis, deserve particular attention?
Emerging economies may continue to offer relatively stronger growth dynamics compared to developed markets, although they entail specific risk profiles requiring thorough analysis.
From a sectoral perspective, in addition to defensive segments, certain areas related to technological transformation and economic modernisation may deserve attention, always within a selective and diversified approach.
Which tools or approaches do you consider useful for addressing market volatility and uncertainty?
In highly volatile environments, we believe that diversification across asset classes, careful liquidity management, and an appropriate assessment of duration in fixed income portfolios are essential.
At the same time, flexibility in asset allocation and continuous monitoring of market conditions remain key tools for adapting to evolving scenarios.
What reflection would you share today with institutional or private investors focused on the medium to long term?
In a complex and constantly evolving environment, we believe that a medium- to long-term approach, grounded in discipline, consistency, and risk awareness, remains fundamental.
Building sound investment strategies requires time, dialogue, and a clear understanding of objectives.
As an independent asset and wealth management firm, our commitment is to support investors along this journey with a responsible, transparent approach aligned with their needs.
Gabriele Bruera
Chief Executive Officer
Compass Asset Management SA
How does Compass AM integrate risk management into its investment process, particularly in uncertain environments?
Compass AM adopts a multidimensional approach to risk management, combining quantitative and qualitative analysis with continuous portfolio monitoring.
Portfolio construction emphasises diversification and low correlation across asset classes, while maintaining flexibility in tactical asset allocation to capture opportunities in dynamic environments.
Liquidity management and careful duration assessment in fixed income portfolios remain central, especially in a context where interest-rate movements may continue to generate volatility.
Giuseppe Ganci
Chief Investment Officer
Compass Asset Management SA
Disclaimer
The information and opinions expressed in this document reflect the assessments of Compass Asset Management SA as of the date of publication and are provided for informational purposes only.
They do not constitute investment advice, a recommendation, or an invitation to buy or sell financial instruments, nor do they represent any guarantee of future performance.