Year-End Update and 2026 Investment Outlook

Calendar year 2025 delivered strong equity market returns globally, continuing the outsized performance of the past two years. In the U.S., the S&P 500 index returned 17.9 percent. Not to be outdone, the MSCI All-Country World Index (ACWI) delivered 22.3 percent for the year, bolstered by a declining U.S. dollar in the first half of 2025.

Fixed income markets, as represented by the Bloomberg U.S. Aggregate Bond Index, performed well, posting 7.3 percent returns for the year. Ultimately, capital markets delivered positive returns across the board in 2025 and, on average, for the past three years. Quite a holiday gift for investors. That being said, the road ahead is not without potential potholes. 

Our 2026 outlook provides our views on the markets and the key themes driving investment portfolios going forward. Read our year-end update and 2026 investment outlook.

Note: The U.S. government arrested Venezuelan President Nicolas Maduro this past weekend. Click here to read our view on the potential implications.