Nogueria singled out Latin America, Asia and Poland as high performers, and drew attention to the fact that many emerging markets are ahead on renewables such as solar and wind. Solar energy is cheap compared with fossil fuels and Brazil, for instance, has cheaper renewable energy contracts than it would have with fossil fuels.

China also now leads globally in solar, batteries, and electric vehicles. While China still relies on fossil fuels, it produces more than 80 per cent of all solar photovoltaic panels, half of the world’s leading electric vehicles and a third of its wind power.

Also at the event, Lisa Lim, head of Asia equities, said that economic fundamentals remain solid in Asia, adding that China has become self-sufficient and resilient, given the previous trade wars. She believes that valuations across the region remain attractive and there is still upside in the Asian market in 2026.

A number of wealth managers have also come out recently in favour of emerging markets and Asia this year, for instance Ninety One, Aberdeen Investments, Paris-based Amundi, Carmignac and Indosuez, as well as GIB Asset Management and Franklin Templeton. See more here, here and here.

UK equities, gilts
Alan Dobbie, fund manager of Rathbones Income Fund, believes that UK stocks remain attractively valued in 2026, with inflation and interest rates easing. He highlighted how UK stocks perform well in a volatile market. He also sees investors becoming increasingly uneasy about being dependent on US tech and the mega-cap AI winners.

After large caps stole the spotlight last year, driven by banks and defence stocks, Alexandra Jackson, fund manager of Rathbones UK Opportunities Fund, favours UK small and mid-caps in 2026. She thinks they offer compelling value and attractive growth. “Now is the moment to lean into UK mid-caps," she said, noting that many investors have been underweight in this space.

Meanwhile, David Coombs, Rathbone multi-asset portfolios, and Bryn Jones, Rathbones’ fixed income fund manager, are positive about UK gilts in 2026. They are not alone in their views. Swiss private bank Lombard Odier favours 10-year UK gilts in 2026. Stephen Snowden, head of fixed income at Artemis Fund Managers, manager of the Artemis Short-Duration Strategic Bond and Artemis Corporate Bond, also recently stated his preference for UK gilts in 2026. See here.

David Harrison, portfolio manager of Rathbones Greenbank Global Sustainability Fund, believes that ESG-focused investing is back on the agenda. “It’s been a difficult couple of years, but we are overweight in the UK and Europe,” he said at the event. “The UK performed well last year, Europe has improved and valuations are attractive. Sweden and Switzerland are also interesting. UK mid-caps are attractive."

"Power demand needs for AI is also not going away, creating investment opportunities," Harrison added. A lot of capital is going into AI. Data centres require access to power and water, consuming equivalent water to about 100,000 homes. In 2023, energy use by the US data centre reached as much as 4.4 per cent of total US electricity consumption and this is expected to grow further. This creates opportunities for infrastructure in power, notably renewable energy, and water, with the most opportunities seen in power.