07.01.2026

Outlook 2026 – After the year of the 3D, welcome to the 3R Scenario!

After two exceptional years for markets, 2026 is not about euphoria - it’s about the 3R: Repricing, Rotation, and Resilience.

The cycle is not ending, but it is clearly maturing, forcing investors to adapt rather than extrapolate the past. Monetary conditions are easing, growth remains solid, but the market logic is changing.

First, Repricing. Valuations have already done much of the work. From here, returns will be driven by earnings delivery, not multiple expansion.

Second, Rotation. Leadership should broaden beyond a handful of mega-cap tech names toward AI adopters, industrials, services, and selective cyclicals.

Third, Resilience. In a world of geopolitical noise and policy uncertainty, balance sheets, pricing power, and visibility matter more than bold promises.

Artificial intelligence remains a structural theme, but expectations are becoming more demanding. Lower energy prices and easing financial conditions create opportunities, but only for companies able to execute.

2026 is not about chasing everything - it’s about choosing what can last.

Watch the video by John Plassard, Partner & Head of Investment Strategy at Cité Gestion!