Goldman Asset>achsManagementSeeking CatalvstsAmid ComplexityInvestmentOutlook2026THISANANCIA
We are pleased to shareGoldman Sachs Asset Management'sInvestment Outlook for 2026Seeking Catalysts Amid ComplexityTheinvestment landscape for 2026 is poised to be shapedby multiple factors.Central bank actions a new trade orderfiscal risks, geopolitical shifts, and Al are creating a complex-yet dynamic-investment backdrop. This underscores theimportance of proactive decision-making. and robust anddiversified portfolios to navigate volatility and generate,potential alpha. Our Outlook highlights wavs for investorsto actively seek catalysts that may drive investment returnsacross public and private markets. We are gratefulfor theopportunity to share our insights, and we look forward toworking withyouin 2026.MarcNachmannGlobalHead ofASset&WealthManagementGOLDMANSACHSASSETMANAGEMENT
SEEKINGCATALYSTSAMIDCOMPLEXITYKey Themes for 2026Across our themes,I we identify catalysts01StayingActiveAmidComplexity04that could createWhich catalysts could sh ape the investment backdrop anddrive portfolio returns?public andprivatemarket opportunities.Wealso exploreI ways to recalibrateNavigating the Nuances in Public Markets16portfolios to unlockWhat'sin store forstocks and bonds in2026?potential returns ina world of evolvingmegatrendsExploring Alternative Dimensions in Private Markets2903What's ahead for private equity, private credit,real estate,and infrastructure?04Shifting Paradigms for Portfolio Construction38How can active ETFs, enhanced passive allocations, tal-risk hedging and alternatives help investorsrecalilbrate ther portfolios?Evolving Thematic Landscapes and Megatrends4405energy transition and shifting tradedynamics?This materalis provided for educational purposes only and should nat be construed as nvestmentadviceaoran offerasolictation tobuy arseleis no guarantee tlecasts presented herein are or intormation al purposes askincluding potential loss of capitalastperformancedoesnotpredict future retums and does not guarantee future results, which may vary.Please seeadditionaldisclosuresatGOLDMANSACHSASSETMANAGEMENT
Staving ActiveAmid ComplexityActive, disciplined investing is key given central bank shifts, newtrade dynamics. and idiosyncratic credit events. We pinpointeasing cycles, Al, and dealmaking as catalysts, and remainfocused on strategicall positioning portfolios to seek returnsbuyorsellsures at
01|SEEKINGCATALYSTSAMIDCOMPLEXITY:INVESTMENTBACKDROPEvents Shaping the BackdropAfteraneventfulstartto2025,multiplemarket driversocuredin the secondhalfof theveal This backdtropunderscoresthe complexityand dynamism investors may need tonavigateheading into 2026.September5SeptembergSeptember10oingsaborMLecornuappointedmarketSeptember17September22OpenalOctober 6-10October8October10Satesatectent shutdownnutops$4,000/0znGazaareturnstofor thefirst timehomic data droughtparliamentOctober 17October21October29October30 marketvolatilitytstriggersbyus-CtradeagreementsNovember12penAlsignsa$38bnUSgovernmenteal withshutdownen...
