St James's Place, Aberdeen, UBP and Franklin Templeton all kept a constructive 2026 view on emerging markets, arguing valuations, diversification and AI-linked capital spending still support the asset class.
AI and semiconductor demand underpin much of that optimism, especially in emerging Asia, even as the Middle East conflict and a recent energy shock test oil-importing markets and widen performance gaps across regions.
Europe also drew support: St James's Place favored UK, Europe ex-UK and Japan over expensive US equities, while UBP said easing energy costs are improving the case for the region.
In fixed income, St James's Place is trimming credit and leaning toward sovereign and inflation-linked bonds, while Franklin Templeton prefers US high-yield, select Latin American debt and municipal bonds.
Aberdeen stayed positive on infrastructure and cautious on private credit, saying digitalisation, decarbonisation and defence spending are creating a durable pipeline even as late-cycle stress emerges in direct lending.