The monetary policy of the Federal Reserve, sectoral rotations and the dispersion between assets will be some of the factors that will condition the behavior of the markets. In this context, experts agree on several key ideas: avoid impulsive decisions, reinforce diversification, pay more attention to corporate credit and explore alternative assets as a complement to traditional portfolios.
One of the most repeated messages among experts is the importance of maintaining the investment course even in times of volatility.
Pablo de Cea, mixed fund manager Santander Asset Management argues that the investor’s main mistake is usually to react hastily to market movements. In his opinion, mixed funds are once again gaining prominence because they allow the exposure to equities and fixed income to be adjusted without losing the long-term focus. In this sense, the strategy involves maintaining exposure to assets such as equities, corporate credit and gold as a diversifying element, avoiding unnecessary changes that could harm profitability.
Monetary policy will continue to be a key factor for markets in 2026. Alejandro Vidal, head of investment advisory Deutsche Bank Spain considers that the movements of the Federal Reserve, and the possible influence of figures such as Kevin Warsh, can generate episodes of volatility. However, the expert believes that these changes will not necessarily alter the structural trend of the market, but rather will cause rotations between sectors and investment styles.
The return of higher rates has returned prominence to fixed income, although experts agree that the environment requires greater selection. Luis Catalán de Ocón, investment director of PSN Group highlights that corporate credit is once again gaining appeal for the most conservative profiles, especially as a tool to generate income and preserve capital.
Along the same lines, Borja Rubio, wealth manager in EBN Gestión Patrimonial points out that the challenge is to find positive real IRR without assuming excessive risks, which requires carefully analyzing credit quality and avoiding overly stressed segments of the market.
European equities also appear as one of the recurring bets among experts. Javier Galan, head of European equities at Renta 4 Gestora considers that the European market could offer relevant opportunities thanks to more attractive valuations than in other regions and the potential of some industrial and financial sectors.
Bankinter Asset Management also maintains a constructive vision of Europe. Javier Turrado, business development directorexplains that the entity maintains an overweight in sectors such as financials, utilities and materials, which could benefit from the current economic context.
Although the potential for profitability remains, several experts warn that the market presents increasing risks. Bernardo Barreto, member of the investment committee of Paradigma Stable Returns in A&G considers that the market “has no ceiling”, but warns that the risk has increased due to the high concentration in certain assets.
And, for his part, Sebastián Larraza, director of selection and management of funds of funds at Andbank Wealth Management also points to an environment with greater dispersion between assets after the turn of the central banks, which opens selective opportunities in credit, emerging debt and active strategies.
From iCapital, Hugo Polo warns that volatility could become a structural feature of the market in the coming years, driven by factors such as inflation, monetary policy and geopolitical tensions. Faced with this scenario, the firm defends the importance of incorporate uncorrelated strategies within portfoliosincluding approaches such as market neutrality, arbitrage strategies or volatility funds that can provide stability when traditional assets move in the same direction.
At Acacia Investment, Juan Pablo Calle Hernanz, Senior Portfolio Manager It also focuses on the portfolio construction process. The firm defends a model based on a “pyramid” structure: a diversified base of traditional assets that is complemented by tactical positions and alternative assets. This approach seeks to improve decorrelation between assets and enable more flexible management in changing market environments.
In the field of alternative assets, Ricardo Miró Quesada, partner and head of Private Equity in the Asset Management area of Arcano Asset Management highlights the growth of the secondary private equity market, a trend that is reflected in the strong investor interest in its latest ASF V fund, which has reached 850 million euros. The firm believes that the secondary private capital market will continue to grow, driven by the need for liquidity of some investors and the greater sophistication of the alternative investment ecosystem.
And finally, from Mirabaud, Jaime Medem, investment director comments that they maintain a constructive vision of the markets. The firm believes that 2026 will be a year in which investors should remain invested, supported by reasonable economic growth and a rate environment that could stabilize. In this context, They recommend maintaining diversified portfolios that combine equities, fixed income and alternative assets, with a relevant role for uncorrelated strategies and safe haven assets such as gold.
The consensus among experts is clear: The market will continue to offer investment opportunities, but the environment will become increasingly demanding. High valuations, the influence of central banks and greater dispersion across assets will force investors to be more selective. In this context, discipline, real diversification and active management They emerge as the keys to navigating a 2026 that promises opportunities, but also more episodes of volatility.
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