Global Equities Rob Lovelace on the year ahead

As 2026 gets underway, global equity markets appear supported by solid corporate earnings, even after several years of strong returns, with profitability broadening beyond technology into sectors like financials. At the same time, a dramatic rewiring of global trade is reshaping the investment landscape, creating new winners in regions outside the U.S. and helping non-U.S. markets narrow the gap in valuations and performance. AI remains a powerful theme, but the opportunity extends across the broader technology stack — from chips and data centers to consulting firms that help companies navigate rising complexity — as well as into health care innovation where AI may accelerate drug discovery despite regulatory headwinds.

Financials have quietly benefited from higher rates and improved lending conditions, while select areas of metals and mining are gaining from supply constraints and renewed demand for hard assets amid policy uncertainty. For advisors and investors, this environment argues for a globally diversified approach that leans into structural themes like technology, health care and select financials, while staying grounded in company-level fundamentals rather than chasing headlines or short-term narratives.