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As we head into 2026, emerging market (EM) bonds offer a solid opportunity, backed by improved fundamentals, positive technicals, and attractive all-in yields thanks to high baseline Treasury levels.

The mining rally in 2025 was led by precious and base metals, with gold miners up roughly 150% year-to-date, and prices for gold, silver, and copper all at record highs.

Solid – but not overheated – growth could create fertile ground for carry-focused fixed income strategies in 2026.

Global power demand is entering a new and sustained growth phase, marking a clear shift from the flat or declining trends seen in developed markets over much of the past two decades. This change is being driven by the need to upgrade infrastructure and by rising power demand not seen for years in developed economies.

As we enter 2026, we maintain a constructive stance on gold, reflecting a widening investor base and its continued role in portfolio diversification.

Chinese authorities are now fully behind the technology sector after years of cracking down on it. Self-sufficiency in semiconductors and AI has become a top strategic priority, driven by geopolitical tensions.