After a 2025 especially intense for the markets, the focus of the selectors now moving towards 2026. A year that presents itself with more dispersion, less room for error and a clear prominence of the active management. From fixed income and sustainability until technologyEuropean geography or the role of China and the dollarwe compile the main investment keys highlighted by large managers and advisory firms.
From Santander Asset Management Spain, Delfina Pérez, Director of Market Strategy The relative attractiveness of the Spanish market stands out, supported by competitive valuations, healthy balance sheets and a more favorable macro context than in previous years. The manager sees opportunities both in European equities and in sectors linked to the domestic cycle, with a selective and disciplined approach.
At Ibercaja Gestión, Raquel Blázquez, deputy director in the Investment Directorate of Portfolio Management considers that 2025 has been just the beginning of long-term trends. Technology, health and structural consumption continue to be key pillars of the portfolios, always with a long-term vision and avoiding excessive concentrations after the strong accumulated increases.
Pedro del Pozodirector of financial investments at Mutualidad is clearly committed to fixed income as the backbone of portfolios in 2026, taking advantage of levels of profitability that have not been seen for years. Added to this is an increasing integration of ESG criteria, not only as a conviction, but as a risk control factor.
Desde Deutsche Bank, Rosa Duce, Chief Investment Officer underlines that some sectors continue to “sweep” global portfolios, especially those linked to technology, artificial intelligence and energy transition. However, they warn of the importance of differentiating between real growth and excessively optimistic expectations.
En A&G, Román González, product specialist and cryptocurrency expert recognizes that the recent adjustment in cryptocurrencies has returned volatility to the asset, but they believe that precisely now a window of opportunity may open for suitable profiles. Of course, from the house they insist that it must occupy a very limited weight and be well contextualized within the portfolio.
AFI and one of its analystsFilipe Aires predicts that in 2026 the assets that dominate portfolios will be those capable of providing stability. The attractiveness of large directional bets is reduced and diversification, risk management and a balanced combination of fixed income, equities and real assets are gaining weight.
From Arquia Banca, analysis directorMar Barrero warns that new “scares” cannot be ruled out in 2026, especially linked to decisions by central banks. Monetary policy will continue to be a key factor, which is why it recommends flexible and well-diversified portfolios.
Gabriel Extremera, partner of ACCI recognizes that 2025 has been a “brutal” year for many assets, but believes that 2026 can still be positive if a selective approach is maintained. The key will be not to extrapolate past returns and adjust expectations.
At iCapital, Benito Pineda, head of the Seville office highlights that Europe is once again positioning itself as an interesting alternative to the US, while some emerging markets present attractive valuations. Geographic selection will be decisive in generating alpha.
Alvaro Blascomanaging partner of atl Capital insists that the current context requires actively comparing opportunities between assets and regions. It is no longer enough to be invested: dynamic allocation and sector rotation will be key for 2026.
From DPM Finance, Carlos Farrás, Founding partner and CIO warns that the market offers fewer clear opportunities than in previous years and that bubble symptoms are beginning to appear in some assets. Prudence and risk management return to the fore.
Finally, Jordi Martret, Investment Director of Norz Patrimonia focuses on two possible unexpected protagonists of 2026: China and the dollar. A change in trend in either of the two could have a relevant impact on global portfolios.
The selectors agree that 2026 will be a less accommodating and more demanding year for the investor. Fixed income, active management, diversification and a fine reading of the macro context will be key to navigating a scenario in which not everything is going up, but where opportunities continue to exist for those who know how to look for them.
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