Viewpoints

High yield enters 2026 on solid footing, but tight valuations, shifting technicals, and a more uneven macro backdrop make selective positioning essential.

Hong Kong and China stock markets are nearing a pivotal moment, driven by secular trends, policy support and evolving global dynamics. The key investment themes of the region are technological innovation, sectoral transformation, consumer opportunity and market structure.

For global real estate markets, 2026 demands active selection and granular analysis. In this roundtable, Barings and Artemis experts from the U.S., Europe, and Asia Pacific share insights on sector trends and explore where risks and opportunities are emerging across regions.

Despite policy shifts and global uncertainty, markets remain in a ‘Goldilocks’ state—resilient growth without recession. Positive returns remain across major asset classes, while AI-driven investment and structural megatrends signal opportunity.

Tight spreads meet elevated all‑in yields as policy uncertainty, AI capex, and uneven growth set the stage. We see selective opportunities across High Yield, CLOs, IG Credit, and EM Debt—with 2026 shaping up as a year for rigorous credit picking.

Direct lending isn’t fading—it’s evolving. In this Q&A, Orla Walsh shares her insights on growth, competition, and what disciplined managers need to know as the market matures.

We’ve been active in the middle market for decades—helping investors navigate changing markets with a focus on capital preservation and long-term alignment. Leveraging our global platform and deep sponsor relationships, we aim to build diversified portfolios and deliver value across cycles.

The market is shifting toward one where value is led by real estate fundamentals, but it's important to “spend time in the tails” as structural changes introduce a broader range of potential outcomes.

Europe has managed to weather various geopolitical storms this year, but the hoped for recovery in property investment has stalled. With property pricing also treading water, the opportunity to enter at the start of a new property cycle has been extended.