2026年全球投资展望报告：喧嚣市场中的价值甄别（英）-Cambridge Associates

INSIGHTS2026 OUTLOOKFinding Value Amid the HypeFinding Value Amid the HypePublished December 3, 202522026 OUTLOOK: FINDING VALUE AMID THE HYPEGraham LandrithAssociate Investment Director, CapitalMarkets ResearchMark SintetosSenior Investment Associate, CapitalMarkets ResearchAndres MarinInvestment Associate, Capital Markets ResearchMarcelo MoralesSenior Director,Capital Markets ResearchKristen OuelletEditorial Project Manager, Capital Markets ResearchMax English Investment Director, Capital Markets ResearchTheresa Sorrentino HajerHead of US Venture Capital ResearchBrian McDonnellGlobal Head ofRetirement, Insurance & Government PracticeMark PepdjonovicManaging Director, Private Client PracticeCaryn SlotskyManaging Director,Private Investment Strategy ResearchDrew BoyerSenior Investment Associate, Capital Markets ResearchZach GaucherSenior Investment Director, Venture CapitalTJ ScavoneSenior Investment Director, Capital Markets ResearchAndrea AuerbachGlobal Head ofPrivate InvestmentsWade O’BrienManaging Director,Capital Markets ResearchSean DuffinSenior Investment Director, Capital Markets ResearchTiffany DiLibertoSenior Editorial Project Manager, CapitalMarkets ResearchChristina Fenton-NeblettSenior Director,Capital Markets ResearchSong HanManaging Director, ComplianceJustin HopferSenior Investment Associate, Investment Strategy OfficeAaron CostelloHead of AsiaCelia DallasChief Investment StrategistSimon HallettHead of Climate StrategyKevin RosenbaumHead of Global Capital Markets ResearchThomas O’MahonySenior Investment Director, Capital Markets ResearchContributors32026 OUTLOOK: FINDING VALUE AMID THE HYPEThis outlook provides our perspective on the global economic environment and presents 15 key views across asset classes for 2026. These insights are designed to inform strategic discussions and guide portfolio decision making. Given the diversity of investor objectives and constraints—regarding risk tolerance, investment horizon, liquidity needs, currency exposure, and tax considerations, for example—each view should be assessed in the context of specific circumstances and current portfolio exposures. In an environment where hype often overshadows fundamentals, investors who remain focused on value are best positioned to outperform. In 2026, investors should: — Embrace diversification 5 — Lean into AI thoughtfully 7 — Invest across the electricity transmission food chain 9 — Underweight the US dollar 11 — Maintain exposure to high-quality sovereigns and avoid duration bets 13 — Overweight global ex US equities 15 — Overweight developed markets small-cap equities 17 — Overweight Latin American equities 19 — Revisit private portfolio exposures amid a morphing market 22 — Moderate commitments to seed-focused venture capital strategies 23 — Lean into hedge funds 25 — Underweight public corporate credit 27 — Lean into private asset-based finance strategies 29 — Lean into real asset secular themes 31 — Overweight California Carbon Allowances 3342026 O