Global Wealth Investment Playbook

In our Q2 2026 Global Wealth Investment Playbook, we explore how investors can navigate an environment where geopolitical uncertainty, inflation headwinds, and rapid technological change are increasingly shaping market outcomes. From the implications of the Middle East conflict and supply-chain realignment to AI’s accelerating impact on business models and productivity, we think dispersion is rising and that has real consequences for portfolio construction.

Against this backdrop, we continue to advocate for “high grading” portfolios, emphasizing quality assets, durable cash flows, diversification, and thoughtful portfolio construction. Public markets remain supported by productivity gains, but persistently elevated valuations and tighter credit spreads suggest investors may need to be more selective about where they take risk going forward. 

Specifically, we believe suitable investors should consider:

• Prioritizing quality across asset classes, sectors, and capital structures. 
• Reassessing portfolio construction, focusing on building resiliency as stock–bond correlations remain elevated and traditional shock absorbers may be less reliable.
• Leaning into the diversification benefits of private markets, increasing exposure to contractual cash flows, operational value creation, and inflation-linked characteristics.
• Staying invested through volatility, rather than attempting to time markets, while maintaining disciplined diversification.
• Focusing on durable business models and “real-world” assets amid ongoing AI-driven disruption and market concentration.

Within private markets, we continue to see attractive opportunities across Private Equity, Infrastructure, Real Estate, and Private Credit. We favor areas where investors can benefit from contracted income streams, operational value creation, inflation protection, and more controllable outcomes. We also believe alternatives can play an increasingly important role in helping investors generate income, preserve capital, and enhance long-term returns amid a narrower range of expected market outcomes. Ultimately, this quarter’s Global Wealth Investment Playbook is designed to help financial advisors and investors alike think more strategically about asset allocation.