• At the start of 2026, capital markets continue to operate in an environment of moderate volatility, which is typical of the economic adjustment phase following a period of higher interest rates. Nevertheless, major stock markets remain relatively stable, and corporate earnings confirm the resilience of the global economy.

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• Current developments once again demonstrate that a disciplined investment approach based on high-quality assets and long-term trends remains the key to success. Structural themes such as technology, infrastructure, and healthcare continue to be among the main drivers of growth, while some traditional sectors face greater pressure.

 

• In this environment, we consider it appropriate to maintain exposure to equities with an emphasis on selecting high-quality companies and diversification. The bond component should be set up rather conservatively, and adding alternative assets to the portfolio can help stabilize its performance during periods of heightened uncertainty.