2026 Outlook: Finding Value Amid the Hype

Cambridge Associates

Research

38 Pages

Cambridge Associates explores where genuine value still exists in a market narrative dominated by artificial intelligence enthusiasm and tariff driven macro uncertainty. The outlook ties a slightly softer global growth backdrop to a set of conviction views across equities, private markets, real assets, currencies, and diversifying strategies.

Date published: December 3, 2025

Key Takeaways

Macro and valuation lens: Frames 2026 around below trend growth, divergent inflation paths, and rich equity pricing.
Diversification priorities: Emphasizes shifting from concentrated United States exposure toward global ex United States, small caps, and select Latin American markets.
Role of alternatives: Highlights hedge funds, private credit, and real assets as tools for resilience in uncertain paths.
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