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By Monica DEFEND, Head of Amundi Investment Institute
The investment landscape is undergoing a structural shift. As highlighted in Amundi’s 2026 Capital Market Assumptions, the global environment is no longer primarily shaped by cyclical dynamics, but by deeper “ruptures” — geopolitical fragmentation, technological acceleration, demographic pressures and a delayed energy transition. In this context, the key question for investors is no longer whether disruption will fade, but how portfolios should adapt to it.
A New Regime for Long-Term Returns
Over the next decade, expected returns across asset classes remain broadly supportive. However, the defining feature of this outlook is not the level of returns, but...
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