How are diverging rate paths shaping fixed income in the U.S, Europe and EM?

After years of synchronization, global monetary and fiscal policies are now moving in different directions, reflecting varying growth dynamics, inflation pressures and policy priorities. Therefore, yield differentials, curve shapes and credit spreads are becoming more dispersed, creating new avenues for returns but potentially making it harder to spot the opportunities.

The Strength of Infrastructure

2025 was a strong year for infrastructure and we expect momentum to continue in 2026. In an environment marked by heightened geopolitical risk, elevated inflation, and narrow equity leadership, we see global infrastructure as an effective hedge against these challenges. Infrastructure can also provide a differentiated way to participate in growth opportunities. We believe the asset class is well-positioned to benefit from durable long-term tailwinds like continued government spending and AI-driven demand for data centers and power.

Endurance Under Pressure

Pressure creates resilience or strain. Our CMAs provide a disciplined, long-term view to help investors build enduring portfolios. Shifts in geopolitics, technology, and macroeconomic policy are compressing global markets. Effectively navigating these changing dynamics requires a long-term lens and a durable framework.