As advisers prepare clients for a more uncertain market backdrop in 2026, BlackRock’s MyMap Multi-Asset team has published its MyMap 2026 Market Outlook, outlining portfolio views, positioning shifts and high conviction themes they anticipate will shape the year ahead.
MyMap, BlackRock’s range of actively managed multi-asset funds, was recently upgraded by Morningstar to Gold – the highest level of its medallist ranking, recognising the strength of the team’s investment process.
Looking back at 2025, three key market drivers were evident:
- Easing political uncertainty and the artificial intelligence-related investment created a rising tide lifting stock markets
- Bonds helped anchor portfolios during choppy periods, emerging market debt proving particularly resilient while providing attractive returns
- As the dollar weakened gold prices rose, as did GBP, both provided valuable additional sources of return for portfolios
In 2026, we are positioning for three key themes over the next 6 to 12 months:
- Economy holding steady: growth is holding up, but some risks are starting to surface, we remain positive on stocks, but use Gold as a ballast to steady portfolios
- Earnings take the helm: we believe returns will be concentrated in the most profitable companies, we are tilting towards US and Emerging stock markets
- Mind the debt iceberg: developed market government borrowing continues to grow, we remain cautious on government bonds, and prefer emerging market debt.
