Five Forces to Navigate 2026’s Uneven Cycle

Neuberger Berman’s Solving for 2026 distills cross-asset positioning into five themes shaped by divergent policy paths, AI-driven capex and slow-moving credit dynamics. 

• Monetary and fiscal policy diverge across regions as productivity gains meet cooling labour markets, opening rate and duration opportunities beyond the U.S.

• AI becomes a dominant macro driver, accelerating capex and broadening return dispersion across sectors and geographies.

• Private markets face constrained exits but expanding liquidity opportunities in secondaries, capital solutions and co-investments.

To explore how these forces shape strategic allocations across public and private markets, the full brochure lays out the investment road map.