Sydney, 18 February 2026
Tribeca Investment Partners has released its six-part 2026 Outlook Series, outlining a constructive but increasingly selective view on global markets. As markets enter a new phase in 2026, Tribeca believes the recent price action may represent the beginning of broader, multi-decade shifts in global asset allocation.
After a decade of concentration in software stocks and mega-cap technology leaders, including the Magnificent 7, market leadership is beginning to broaden. Tribeca believes U.S. equities, U.S. assets and the USD appear crowded and expensive on many measures, particularly as the de-dollarisation theme gathers momentum.
Across credit, infrastructure, natural resources, equities and capital markets, Tribeca’s investment leaders highlight a common theme: market leadership is broadening.
Founder David Aylward said the continuation of the global rally will require participation beyond mega-cap technology stocks. “We expect growth to remain supportive in 2026, but leadership must broaden toward materials, defence, small caps, emerging markets and Asia-Pacific assets to sustain expansion,” he said. “Markets continue to rise, but this rally must broaden - by sector and by geography - for it to sustain.”
Tribeca believes investors should be actively reassessing allocations, with opportunities emerging across asset classes that offer more asymmetric return profiles relative to crowded U.S. exposures.
Key themes include:
-
Asia credit outperformance with attractive yield differentials and resilient fundamentals
-
Accelerating AI-driven infrastructure demand supporting copper, uranium and critical minerals
-
Listed infrastructure offering defensive, liquid exposure at valuation discounts
-
Reindustrialisation and rising defence spending driving a sustained capital expenditure cycle
-
A revival in Asia-Pacific IPO, M&A and equity capital markets activity
-
Expanding opportunity across small caps, materials and emerging markets
While geopolitical headlines are likely to remain volatile, Tribeca believes the macro backdrop remains supportive, with solid growth expectations, diverging policy settings and expanding risk appetite creating a broader opportunity set for investors.
Tribeca believes expanding risk appetite and structural investment trends may create a wider opportunity set for investors in 2026.
The firm encourages investors to explore the full 2026 Outlook Series to hear directly from portfolio managers across credit, infrastructure, natural resources, equities and capital markets on how portfolios are positioned for the year ahead.
Click here to watch the 2026 Outlook series online
Contact details:
Media enquiries:
Jane Morgan
Director
Jane Morgan Management
P: +61 (0) 405 555 618
E: jm@janemorganmanagement.com.au
