Goldman Sachs Asset Management: Differences in stock markets may widen in 2026, with a tendency towards diversified allocation.

On November 18, Goldman Sachs Asset Management released its investment outlook report for 2026. In terms of public market themes, the report believes that the differences in various stock markets may widen, with a tendency towards global stock diversification, combining fundamental and quantitative strategies. For fixed income, there is an emphasis on diversified allocations of duration and strategic curve positions to respond to complex macro signals. Opportunities may arise in securitization, high yield, and emerging market credit products. In the private market dimension, Goldman Sachs Asset Management judges that the overall environment is favorable for new trading and exit activities, with a widening dispersion in the performance of private equity fund managers. Historical default rates for private credit are lower than syndicated loans, and returns are expected to remain higher than those in public markets. Rigorous underwriting plays a critical role, and in the backdrop of artificial intelligence and energy transition, new opportunities are emerging in the infrastructure sector.