{"id":134752,"date":"2026-01-14T14:47:41","date_gmt":"2026-01-14T19:47:41","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/indices-2026-outlook-equity\/"},"modified":"2026-01-16T13:50:31","modified_gmt":"2026-01-16T18:50:31","slug":"indices-2026-outlook-equity","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/indices-2026-outlook-equity\/","title":{"rendered":"Indices 2026 outlook: Equity"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a109671ae332'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Indices 2026 outlook: Equity<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/364745101resiz.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Stock market movements\" title=\"Stock market movements\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a109671ba9b0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">January 14, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a109671c9df4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span class=\"NormalTextRun SCXW210478136 BCX0\">Geopolitical realignment is\u00a0<\/span><span class=\"NormalTextRun SCXW210478136 BCX0\">emerging<\/span><span class=\"NormalTextRun SCXW210478136 BCX0\">\u00a0as the dominant macro driver for equity markets in 2026, reshaping trade, capital flows, and regional equity performance across developed and emerging markets.<\/span><\/li>\n<li><span class=\"NormalTextRun SCXW244849442 BCX0\">U<\/span><span class=\"NormalTextRun SCXW244849442 BCX0\">.<\/span><span class=\"NormalTextRun SCXW244849442 BCX0\">S<\/span><span class=\"NormalTextRun SCXW244849442 BCX0\">.<\/span><span class=\"NormalTextRun SCXW244849442 BCX0\">-aligned economies, defense, energy security, and infrastructure themes may\u00a0<\/span><span class=\"NormalTextRun SCXW244849442 BCX0\">benefit<\/span><span class=\"NormalTextRun SCXW244849442 BCX0\">\u00a0from sustained capital expenditure as supply chains and security priorities are restructured.<\/span><\/li>\n<li><span class=\"NormalTextRun SCXW196442848 BCX0\">Concentration risks\u00a0<\/span><span class=\"NormalTextRun SCXW196442848 BCX0\">from the magnificent seven<\/span><span class=\"NormalTextRun SCXW196442848 BCX0\">\u00a0are prompting investors to reassess diversification.<\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a109671cf072'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Steve Hou, PhD, Quantitative Researcher at Bloomberg, Mike Pruzinsky, and Sean Murphy, Equity Index Product Managers at Bloomberg Index Services Limited (BISL).<\/em><\/p>\n<h2>The year geopolitics becomes the macro<\/h2>\n<p><span class=\"TextRun SCXW187731177 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">With markets entering 2026 near record highs, investors may be\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">asking\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">a\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">different<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">set<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">\u00a0of<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">questions<\/span><span class=\"NormalTextRun CommentStart SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">\u00a0than expected just a few weeks ago<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">. The defining issue for the year ahead may not be\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">whether\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">we are in a stock market bubble, how company earnings are trending, or where we are in the business cycle, but\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">rather<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">\u00a0how a rapidly evolving geopolitical order\u00a0<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\">may reshape<\/span><span class=\"NormalTextRun SCXW187731177 BCX0\" data-ccp-parastyle=\"Default\"> the structure of equity markets.\u00a0<\/span><\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a109671d1110'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_415425626079191164\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/indices-2026-outlook-equity\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Equity Indices\"\n        >\n                      Bloomberg Equity Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW51280715 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW51280715 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">For decades, the United States has played an expansive role in the global economy by anchoring trade, underwriting security, and sustaining the\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW51280715 BCX0\" data-ccp-parastyle=\"Default\">post<\/span><span class=\"NormalTextRun SCXW51280715 BCX0\" data-ccp-parastyle=\"Default\">&#8211;<\/span><span class=\"NormalTextRun SCXW51280715 BCX0\" data-ccp-parastyle=\"Default\">war\u00a0<\/span><span class=\"NormalTextRun SCXW51280715 BCX0\" data-ccp-parastyle=\"Default\">system. That model is now changing as the underlying arithmetic has shifted. The G7 share of global GDP no longer supports the same breadth of commitments, and domestic political constraints are steadily pushing policy toward a more selective and strategic form of engagement. The result is not a retreat from influence, but a reconfiguration of how that influence is exercised.<\/span><\/span><span class=\"EOP SCXW51280715 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a109671d625d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1299\" height=\"780\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-test-2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Shrinking G7 Share of Global GDP\" title=\"Shrinking G7 Share of Global GDP\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-test-2.png 1299w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-test-2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-test-2.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-test-2.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-test-2.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-test-2.png 180w\" sizes=\"auto, (max-width: 1299px) 100vw, 1299px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW175747487 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW175747487 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">At the same time, broader market sentiment\u00a0<\/span><span class=\"NormalTextRun SCXW175747487 BCX0\" data-ccp-parastyle=\"Default\">remains<\/span><span class=\"NormalTextRun SCXW175747487 BCX0\" data-ccp-parastyle=\"Default\">\u00a0cautiously optimistic. The prevailing view is that the macro environment\u00a0<\/span><span class=\"NormalTextRun SCXW175747487 BCX0\" data-ccp-parastyle=\"Default\">remains<\/span><span class=\"NormalTextRun SCXW175747487 BCX0\" data-ccp-parastyle=\"Default\">\u00a0broadly supportive of risk assets, with growth proving resilient, inflation pressures moderating, and financial conditions easing. Meanwhile, ongoing investment in AI infrastructure and signs of broader market leadership support a constructive outlook, even as elevated U.S. stock market valuations argue for strategic and disciplined allocations.<\/span><\/span><span class=\"EOP SCXW175747487 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW76522813 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW76522813 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">Against this backdrop, U.S. economic policy is increasingly shifting away from a universal global system toward a sharper \u201ccamp\u201d model of preferential supply chains, trusted investment corridors, and security commitments that are more selective and regional. In this new direction, the most important questions for investors may become: who is inside the preferred \u201ccamp\u201d system, who is outside, and what equity markets are\u00a0<\/span><span class=\"NormalTextRun SCXW76522813 BCX0\" data-ccp-parastyle=\"Default\">levered<\/span><span class=\"NormalTextRun SCXW76522813 BCX0\" data-ccp-parastyle=\"Default\"> to that redesign?\u00a0<\/span><\/span><\/p>\n<h2>New \u201ccamp\u201d system winners are U.S.-aligned<\/h2>\n<p><span class=\"TextRun SCXW227375528 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">Inside this preferred system are countries that align with U.S. strategic\u00a0<\/span><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\">objectives<\/span><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\">\u00a0and industries\u00a0<\/span><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\">deemed<\/span><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\">\u00a0critical to national resilience. This includes the United States itself, its developed-market allies such as Japan, South Korea, and much of Europe, as well as a growing group of emerging market democracies. These economies share key attributes: civil liberties,\u00a0<\/span><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\">relatively stable<\/span><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\">\u00a0governance, and transparent regulatory environments. Together, they form the productive perimeter of the U.S.-aligned \u201ccamp<\/span><span class=\"NormalTextRun SCXW227375528 BCX0\" data-ccp-parastyle=\"Default\">\u201d.<\/span><\/span><span class=\"EOP SCXW227375528 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW221017901 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221017901 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">Outside this system sit countries where political risk, state control of capital, proximity, or geopolitical misalignment prevent new-wave integration. China and India are notable countries that increasingly fall into this category. While these markets may still offer tactical opportunities, they face structural headwinds as capital, technology transfer, and supply-chain investment are gradually redirected elsewhere. For global investors, this shift matters because exclusion from the preferred system limits long-term access to the U<\/span><span class=\"NormalTextRun SCXW221017901 BCX0\" data-ccp-parastyle=\"Default\">.<\/span><span class=\"NormalTextRun SCXW221017901 BCX0\" data-ccp-parastyle=\"Default\">S<\/span><span class=\"NormalTextRun SCXW221017901 BCX0\" data-ccp-parastyle=\"Default\">.<\/span><span class=\"NormalTextRun SCXW221017901 BCX0\" data-ccp-parastyle=\"Default\"> economy which has proven to be the most dynamic sources of demand, innovation, and financing.<\/span><\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1008\" height=\"598\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Demographics and Geopolitics Reinforcing Returns\" title=\"Demographics and Geopolitics Reinforcing Returns\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch2.png 1008w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch2.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch2.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch2.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch2.png 182w\" sizes=\"auto, (max-width: 1008px) 100vw, 1008px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW182814248 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">Demographics amplify this divide. In particular, the emerging U.S.<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">&#8211;<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">aligned economies may be ripe for future gains with faster growing populations and\u00a0<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">relatively young<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">\u00a0labor forces. These countries are also positioned to absorb the manufacturing, infrastructure, and service-sector investment now being reallocated as supply chains are redesigned. That advantage is already\u00a0<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">evident<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">\u00a0as illustrated in Figure 2 above<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">, which shows<\/span><span class=\"NormalTextRun SCXW182814248 BCX0\" data-ccp-parastyle=\"Default\">\u00a0the Bloomberg Market Democracies TR (BFREET) Index and Emerging Markets Human Flourishing TR (BHUMANT) Index both outperforming the emerging markets and world ex U.S. equity benchmarks over the last five years.<\/span><\/span><span class=\"EOP SCXW182814248 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW25149702 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW25149702 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">From a developed markets perspective,\u00a0<\/span><\/span><span class=\"TextRun SCXW25149702 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW25149702 BCX0\" data-ccp-parastyle=\"Default\">Japan enters 2026 as one of the more quietly compelling stories. After decades of stagnation, the economy is showing signs of renewed momentum as nominal GDP growth accelerates, fiscal policy\u00a0<\/span><span class=\"NormalTextRun SCXW25149702 BCX0\" data-ccp-parastyle=\"Default\">remains<\/span><span class=\"NormalTextRun SCXW25149702 BCX0\" data-ccp-parastyle=\"Default\"> supportive, and Japanese companies deepen their role in global supply chains tied to automation, semiconductors, and advanced manufacturing.\u00a0<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW126145161 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW126145161 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">A weaker yen continues to support export demand, while government incentives aimed at productivity and technological upgrad<\/span><span class=\"NormalTextRun SCXW126145161 BCX0\" data-ccp-parastyle=\"Default\">es<\/span><span class=\"NormalTextRun SCXW126145161 BCX0\" data-ccp-parastyle=\"Default\">\u00a0are reinforcing domestic investment. Together, these forces position Japan as a developed market with improving cyclical and structural fundamentals.<\/span><\/span><span class=\"EOP SCXW126145161 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"939\" height=\"567\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch3.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Japan\u2019s Rising Shareholder Returns\" title=\"EOPP-ch3\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch3.png 939w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch3.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch3.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch3.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch3.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch3.png 179w\" sizes=\"auto, (max-width: 939px) 100vw, 939px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a109671e8491'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Tailored indices insights and invitations in your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_4535596447421013934\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a109671ec08d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW260511654 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260511654 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">Just as important, the corporate landscape is undergoing a meaningful transformation. Long criticized for balance-sheet conservatism and limited shareholder focus, Japanese companies are responding to governance reforms and stock exchange pressure to improve capital efficiency. The result is a tangible shift toward shareholder returns, particularly through dividends. The Bloomberg Japan High Dividend 50 (<\/span><\/span><a class=\"Hyperlink SCXW260511654 BCX0\" href=\"https:\/\/www.bloomberg.com\/quote\/BJHD50:IND\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW260511654 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW260511654 BCX0\" data-ccp-charstyle=\"Hyperlink\">BJHD50<\/span><\/span><\/a><span class=\"TextRun SCXW260511654 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW260511654 BCX0\" data-ccp-parastyle=\"Default\">) Index highlights this change, with\u00a0<\/span><span class=\"NormalTextRun SCXW260511654 BCX0\" data-ccp-parastyle=\"Default\">the index\u2019s<\/span><span class=\"NormalTextRun SCXW260511654 BCX0\" data-ccp-parastyle=\"Default\">\u00a0payout ratio rising a remarkable 94% over the past three years.<\/span><\/span><span class=\"EOP SCXW260511654 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2>Policy shifts trigger bullish repricing in Latin America<\/h2>\n<p><span class=\"TextRun SCXW139088992 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">A renewed U.S. geopolitical focus on the Latin America region with the recent\u00a0<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">developments<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">\u00a0in Venezuela\u00a0<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">might\u00a0<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">offer a compelling macro-strategic rationale for stronger regional equity performance. The recently articulated\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">U.S<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">. policy c<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">orollary to the Monroe Doctrine\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">embedded in the\u00a0<\/span><\/span><a class=\"Hyperlink SCXW139088992 BCX0\" href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2025\/12\/2025-National-Security-Strategy.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW139088992 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-charstyle=\"Hyperlink\">2025 U.S. National Security Strategy<\/span><\/span><\/a><span class=\"TextRun SCXW139088992 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">\u00a0signals a reorientation of U.S. foreign policy toward hemispheric engagement<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">, a shift<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\">that<\/span><span class=\"NormalTextRun SCXW139088992 BCX0\" data-ccp-parastyle=\"Default\"> may translate into greater political and economic cooperation with Latin American governments.\u00a0<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW196567600 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW196567600 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">For Latin America equities, improved investor sentiment, policy alignment with a major global power, and competitive valuations versus global markets could drive multiple expansion, particularly in the Financials, Materials, and Energy sectors. Collectively, these dynamics bear watching and may support a constructive case for inclusion in diversified 2026 portfolios.<\/span><\/span><span class=\"EOP SCXW196567600 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"913\" height=\"512\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch4.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Latin America Equities May Offer Compelling Valuations\" title=\"Latin America Equities May Offer Compelling Valuations\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch4.png 913w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch4.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch4.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch4.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch4.png 192w\" sizes=\"auto, (max-width: 913px) 100vw, 913px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Defensive realignment and the security investment cycle<\/h2>\n<p><span class=\"TextRun SCXW250605174 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250605174 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">What is unfolding in Latin America is an expression of a broader security realignment now taking shape across the United States and\u00a0<\/span><\/span><a class=\"Hyperlink SCXW250605174 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/defense-reinvented-a-new-european-index-for-a-new-era\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW250605174 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW250605174 BCX0\" data-ccp-charstyle=\"Hyperlink\">being reinvented in Europe<\/span><\/span><\/a><span class=\"TextRun SCXW250605174 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW250605174 BCX0\" data-ccp-parastyle=\"Default\">. As geopolitical competition intensifies, defense policy is being recalibrated toward resilience, regional stability, and control over critical inputs. This shift extends beyond traditional military spending and increasingly encompasses energy security, critical materials,\u00a0<\/span><span class=\"NormalTextRun SCXW250605174 BCX0\" data-ccp-parastyle=\"Default\">the<\/span><span class=\"NormalTextRun SCXW250605174 BCX0\" data-ccp-parastyle=\"Default\">\u00a0grid, and supply-chain infrastructure.<\/span><\/span><span class=\"EOP SCXW250605174 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW113303093 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW113303093 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">For investors, the implication is clear. Defense and security-related capital expenditure is becoming a structural feature of the global economy rather than a cyclical response to isolated risks. These trends are reinforced by parallel policy shifts in Europe, where governments are modernizing defense capabilities and expanding industrial capacity.\u00a0<\/span><\/span><span class=\"EOP SCXW113303093 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span class=\"TextRun SCXW98474158 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">This transition elevates defense and resource security from niche allocations to a secular investment theme worth\u00a0<\/span><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\">close<\/span><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\">r<\/span><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\">\u00a0attention to for the\u00a0<\/span><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\">remainder<\/span><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\">\u00a0of the decade. To track these evolving dynamics, Bloomberg Indices has developed a targeted suite of benchmarks spanning defense, critical materials, energy security, and strategic infrastructure. Together, these indices provide investors with transparent, rules-based gauges to\u00a0<\/span><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\">monitor<\/span><span class=\"NormalTextRun SCXW98474158 BCX0\" data-ccp-parastyle=\"Default\">\u00a0thematic performance.<\/span><\/span><span class=\"EOP SCXW98474158 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1044\" height=\"643\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-52-and-source2.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Bloomberg Defense, Resource and Security Indices\" title=\"Bloomberg Defense, Resource and Security Indices\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-52-and-source2.png 1044w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-52-and-source2.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-52-and-source2.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-52-and-source2.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-52-and-source2.png 175w\" sizes=\"auto, (max-width: 1044px) 100vw, 1044px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Growing energy demand supports the energy sector<\/h2>\n<p><span class=\"TextRun SCXW110689111 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">As supply chains are redesigned across the U.S., Europe, and allied economies, they are colliding with a hard physical constraint: energy and grid capacity. Years of underinvestment have left developed-world power systems ill-equipped to support growing energy demand.\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">This reality makes energy security<\/span><span class=\"NormalTextRun SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">\u00a0a defining investment theme for 2026<\/span><span class=\"NormalTextRun SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">,<\/span><span class=\"NormalTextRun SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">\u00a0especially as the energy sector\u2019s index weight in the Bloomberg 500 (B500)<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">\u00a0Index<\/span><span class=\"NormalTextRun SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">\u00a0sits near multi-decade lows\u00a0<\/span><span class=\"NormalTextRun SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">representing<\/span><span class=\"NormalTextRun SCXW110689111 BCX0\" data-ccp-parastyle=\"Default\">\u00a0just 2.87% of the overall market.<\/span><\/span><span class=\"EOP SCXW110689111 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"880\" height=\"532\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch6.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Importance of Energy Sector Has Shrunk Over Last 20 Years\" title=\"Importance of Energy Sector Has Shrunk Over Last 20 Years\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch6.png 880w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch6.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch6.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch6.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch6.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch6.png 179w\" sizes=\"auto, (max-width: 880px) 100vw, 880px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>For investors, the focus is broadening beyond oil and gas production to encompass a wider energy ecosystem. This includes companies that are set to increase energy efficiency, scale power generation and support renewed interest in nuclear. Solar is also getting in on the action. Once viewed as facing government policy headwinds, the industry has been bolstered by rising demand for electrification and emerging power needs from data centers. Power equipment manufacturers, grid and transmission providers, storage solutions, logistics networks, and suppliers of critical materials all stand to benefit in a world where energy capacity increasingly constrains economic growth.<\/p>\n<h2>Battleground of U.S. and China rivalry centers on AI<\/h2>\n<p><span class=\"TextRun SCXW45558178 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">Artificial intelligence is the defining technology of our time and the primary battleground in the intensifying rivalry between the United States and China. Both governments increasingly treat leadership in AI, including the journey toward<\/span><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">superintelligence<\/span><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">,<\/span><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">\u00a0as critical to economic strength and national security. For investors, effective exposure requires looking beyond the most visible technology leaders and\u00a0<\/span><\/span><a class=\"Hyperlink SCXW45558178 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/artificial-intelligence\/the-ai-value-chain-understanding-the-engines-of-growth\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW45558178 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-charstyle=\"Hyperlink\">deeper into the AI value chain<\/span><\/span><\/a><span class=\"TextRun SCXW45558178 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">, particularly as both the U.S. and China pursue state-directed strategies that are increasingly bifurcated, duplicative, and capital-intensive. With expectations\u00a0<\/span><\/span><a class=\"Hyperlink SCXW45558178 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/artificial-intelligence\/inside-ais-rapid-expansion-what-investors-need-to-know\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW45558178 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-charstyle=\"Hyperlink\">rising rapidly<\/span><\/span><\/a><span class=\"TextRun SCXW45558178 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">, Bloomberg Intelligence estimat<\/span><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">es<\/span><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">\u00a0that generative AI alone could generate more than\u00a0<\/span><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">$1.8 trillion<\/span><span class=\"NormalTextRun SCXW45558178 BCX0\" data-ccp-parastyle=\"Default\">\u00a0in annual revenue by 2032, highlighting the scale of this transformation.<\/span><\/span><span class=\"EOP SCXW45558178 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p>In 2026, the acceleration of humanoid robots could also mark a breakout year for robotics. <span class=\"NormalTextRun SCXW262047860 BCX0\" data-ccp-parastyle=\"Default\">While attention has\u00a0<\/span><span class=\"NormalTextRun SCXW262047860 BCX0\" data-ccp-parastyle=\"Default\">remained<\/span><span class=\"NormalTextRun SCXW262047860 BCX0\" data-ccp-parastyle=\"Default\">\u00a0concentrated on software-centric AI, the robotics ecosystem is advancing more rapidly than many expect, driven by companies across sectors turning to automation to offset structural labor shortages and aging demographics. To date, the Bloomberg Robotics Aggregate (BROAT) Index has materially lagged comparable AI-focused indices setting the stage for potential catch-up as capital allocation broadens.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"954\" height=\"586\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch7.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Robotics Primed To Play Catch Up\" title=\"Robotics Primed To Play Catch Up\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch7.png 954w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch7.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch7.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch7.png 100w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch7.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/EOPP-ch7.png 176w\" sizes=\"auto, (max-width: 954px) 100vw, 954px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Rethinking U.S. exposure and the Mag 7<\/h2>\n<p><span class=\"TextRun SCXW260622578 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">The\u00a0<\/span><\/span><a class=\"Hyperlink SCXW260622578 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/quote\/BM7T:IND\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW260622578 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-charstyle=\"Hyperlink\">Magnificent Seven stocks<\/span><\/span><\/a><span class=\"TextRun SCXW260622578 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0are heavily owned by both domestic and international investors. Even with resilient U.S. fundamentals, such concentrated positioning raises the bar for further outperformance and increases vulnerability to any disappointment. As geopolitics becomes the macro drive<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">r,<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0investors may\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">increasingly focus on<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0the earlier themes mentioned including international equities, defense, infrastructure, energy\u00a0<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">systems<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0and robotics. <\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW260622578 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">While this is not a call to abandon U.S. technology leadership,\u00a0<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">it is a\u00a0<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">word of caution\u00a0<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">t<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">hat<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">diversify<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">ing<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0away from over<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">-o<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">wned momentum<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">and\u00a0<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">allocat<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">ing<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0toward the companies enabling the geopolitical reshaping<\/span><span class=\"NormalTextRun SCXW260622578 BCX0\" data-ccp-parastyle=\"Default\">\u00a0may be beneficial.<\/span><\/span><span class=\"EOP SCXW260622578 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2>Conclusion: A single catalyst with many expressions<\/h2>\n<p><span class=\"TextRun SCXW67506418 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,469777841,&quot;Arial&quot;,469777842,&quot;Arial&quot;,469777844,&quot;Arial&quot;,469769226,&quot;Arial&quot;,335551500,&quot;0&quot;,335559740,&quot;240&quot;,201341983,&quot;0&quot;,335559739,&quot;0&quot;,201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;1&quot;,201342449,&quot;1&quot;,469777843,&quot;Aptos&quot;,201341986,&quot;1&quot;,268442635,&quot;24&quot;&#093;}\">The coherence of the 2026 outlook lies in a single underlying force:\u00a0<\/span><\/span><a class=\"Hyperlink SCXW67506418 BCX0\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regional-analysis\/re-wiring-global-trade-from-tariffs-to-regional-opportunity\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW67506418 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-charstyle=\"Hyperlink\">geopolitical realignment<\/span><\/span><\/a><span class=\"TextRun SCXW67506418 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\"> that is reshaping trade, security, energy systems, and technological competition. The relevant framework is no longer <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">debates<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">over growth<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">\u00a0versus value or incremental shifts in inflation, but a world reorganizing into strategic camps. This reconfiguration is driving supply chain redesign, forcing sustained capital expenditure, and redefining winners and losers across regions and sectors.\u00a0<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">Th<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">ese<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">\u00a0<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">dynamics appear<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">\u00a0more\u00a0<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">structural than cyclical and may remain\u00a0<\/span><span class=\"NormalTextRun SCXW67506418 BCX0\" data-ccp-parastyle=\"Default\">the dominant driver of markets heading into 2026.<\/span><\/span><span class=\"EOP SCXW67506418 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p>To learn more about Bloomberg Indices, click <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/#overview\">here<\/a>.<\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a1096720cc53'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a1096720e70a\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a1096720e70a\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p><span data-contrast=\"none\">Bloomberg Indices Disclaimer: The data and other information included in this publication is for illustrative purposes only, available\u00a0\u201cas is\u201d,\u00a0non-binding and constitutes the provision of\u00a0factual information, rather than financial product advice. 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