2026 Global Investment Outlook
Welcome to SLC Management’s investment outlook for 2026. In this report, our investment teams and solutions providers discuss public and private fixed income, real estate, infrastructure, insurance asset management and retirement plans.
Steve Peacher
“The 2025 calendar year was one of heightened uncertainty, with concerns over geopolitical conflicts, world trade and the general macroeconomic environment pervasive throughout those 12 months. But we have also witnessed signs of remarkable resilience in 2025, which in my view position us well in the new year.”
What's covered
Following a year characterized by uncertainty, 2026 could be positioned for opportunities and potential growth, as well as for challenges to global economic resilience. Our investment specialists from across SLC Management, BGO, InfraRed and Crescent Capital discuss what could lie ahead.
Macroeconomic outlook
Following a resilient 2025, the new year could see some lingering macroeconomic concerns come to the fore.
Fixed income: investment grade
Credit spreads could widen on increased issuance and weakening balance sheets.
Fixed income: non-investment grade
Market conditions at the beginning of 2026 could be favorable for private credit, high-yield bonds and syndicated senior loans.
Private credit: investment grade
Investment grade private credit has the potential to continue providing excess spreads, with attractive opportunities on a select basis.
Private credit: non-investment grade
The asset class could benefit from higher-for-longer rates, further supported by conservative structures, creditor protections and higher yields.
Real estate
Despite continued uncertainty in the sector, notable silver linings include strong income returns and space-market fundamentals, plus improvements on the capital market side.
Infrastructure
Resilience in the asset class should be supported by structural megatrends driving earnings growth, with valuations likely to improve.
Insurance asset management
The steepening of the yield curve presents insurers with the opportunity to add durable investment income.
Retirement plan solutions
Identifying fixed income opportunities has become challenging amid tight spreads, but the short end of the curve could contain promising ideas.
