2026 Market Outlook & Long-Term Capital Market Assumptions
Gain a clearer view of the road ahead with CI Global Asset Management (CI GAM)’s insights that outline how macro and market trends and long-term return expectations may evolve across major asset classes over the next decade.
2026 LONG-TERM CAPITAL MARKET ASSUMPTIONS
Our latest edition of CI GAM’s Long‑Term Capital Market Assumptions explores and analyzes a world that is rapidly changing, but not drifting away from its underlying long-term trajectory. Here’s a snapshot of what we anticipate in the foreseeable future:
- Steady global growth driven by fiscal policy, technology‑led productivity and sustainable interest rates.
- Anchored inflation near central bank targets, supporting confidence in long‑term planning.
- Selective opportunities across equities, fixed income, private markets and emerging markets, shaped by valuations and policy dynamics.
- Stable currency outlook with the Canadian dollar still undervalued relative to the U.S. dollar.
2026 MARKET OUTLOOKS
Download this year's Market Outlook and Long-Term Capital Market Assumptions brochure
MEET THE EXPERTS
Marc-André Lewis, PhD
As President and Chief Investment Officer, Mr. Lewis leads CI Global Asset Management and oversees the continued development of the firm’s integrated global investment platform.
Mr. Lewis has over 20 years of global investing experience and has held senior leadership positions at several organizations, including two of the world’s largest institutional investors. His diverse experience spans asset allocation, portfolio construction, risk management, public and private markets, and fundamental and quantitative strategies.
Prior to joining CI GAM in September 2021, Mr. Lewis was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds. His responsibilities included strategic asset allocation, quantitative research and alternative indexing activities, as well as sitting on the executive and tactical asset allocation committees for its Strategy and Planning Department.
Prior to ADIA, Mr. Lewis was Senior Vice-President and Deputy Chief Risk Officer at Caisse de dépôt et placement du Québec (CDPQ), where he led a team that analyzed and monitored the risks of both public and private investments in the CDPQ portfolio. He was also a member of the CDPQ asset allocation committee. Mr. Lewis’s previous positions also included Senior Vice-President, Risk Management – Fixed Income and Overlay Strategies at CDPQ and Senior Vice-President, Fixed Income at Natcan Investment Management, where he oversaw a team managing $16 billion in Canadian and global fixed-income assets.
He holds a PhD in theoretical physics from Pierre and Marie Curie University (now Sorbonne University), and an M.Sc. in theoretical physics and a B.Sc. in mathematics and physics from Université de Montréal.
Lorne Gavsie, MBA
Lorne Gavsie is Senior Vice-President and Head of Macroeconomic & FX Strategy at CI Global Asset Management. In his role, he is responsible for leading a dedicated macroeconomic and FX effort, harnessing the global expertise and knowledge across CI GAM, producing insights to be leveraged for investment purposes and providing our clients with timely and valuable insights. He is also responsible for CI GAM’s currency overlay and hedging strategies. Lorne brings over 25 years of experience in the industry, specializing in currencies, trading and global markets.
Prior to joining CI GAM in 2015, Lorne held various roles with major Canadian banks including Managing Director, FX Europe based in London, England and Global Head, E-FX based in Toronto.
Lorne holds an MBA from the London School of Economics & Politics, HEC Paris and NYU Stern (collectively known as TRIUM) and is a member of the Bank of Canada’s Canadian Foreign Exchange Committee (CFEC).
Neil Shankar, MA
Neil Shankar is CI Global Asset Management’s Economist, responsible for monitoring key macroeconomic trends and shaping CI GAM’s economic outlook. He actively participates in investment and asset allocation discussions, helping guide decision-making.
A leading contributor to CI GAM’s Capital Insights publication, Neil shares in-depth perspectives on evolving economic conditions. He also frequently engages with stakeholders throughout the organization and externally, helping to deepen understanding of the economic landscape. He is regularly quoted in the press for his views on the economy and markets.
With over 10 years of industry experience, Neil joined CI GAM in 2024 after holding similar roles at other major Canadian financial institutions. Neil holds an MA in Business Economics from Wilfrid Laurier University and a BA (Honours) in Economics from The University of Western Ontario.
Alfred Lam, MBA, CFA
Alfred Lam, Senior Vice President, Co-Head of Multi-Asset, joined CI GAM in 2004. He brings over 23 years of industry experience to his portfolio design, asset allocation, portfolio construction, and risk management responsibilities, which include chairing the multi-asset investment management committee and sizing investment bets to drive added value and manage risk. Alfred holds the CFA designation and an MBA from York University Schulich School of Business.
Stephen Lingard, MBA, CFA
Stephen Lingard, Senior Vice President, Co-Head of Multi-Asset, brings first-hand global experience to his role as he has studied and worked in Europe, the US, and Asia over his 27+ year career. He joined CI GAM in 2019 as the multi-asset portfolio and research lead, with a macro, equity and alternative strategy focus. Prior to CI GAM, Stephen was Head of Multi-Asset Solutions with Franklin Templeton (Canada/Asia). Before that, he was an investment manager with Fidelity Investments (US & Canada), and prior to that, he was a Bond dealer at Société Générale Asia (Singapore). Stephen is a CFA charterholder with a BSc from Western University and holds an MBA from EU Business School. He is also a member of the Toronto CFA Society and spends his free time with North Toronto Soccer and Leaside Hockey.
Peter Hofstra, CFA, PhD
Peter Hofstra, Senior Vice President, Co-Head of Equities – Research, and Portfolio Manager, brings a depth of experience in both investment and company management to the Equities team. Peter joined CI GAM in 2017 as Senior Portfolio Manager. Immediately before joining CI GAM, he was Chief Investment Officer and Managing Director of Investment Research at Manitou Investment Management, a firm that focuses on private client and institutional money management. He also co-founded a clean technology investment LP, which Manitou acquired. Prior to Manitou, Peter was a portfolio manager at a large mutual fund company where he co-managed a U.S. equity fund and was lead manager of a science and technology fund. Prior to starting his investment career, Peter helped build a technology firm, which went public and where he held the position of VP of Research and Development and was an officer of the company. Peter holds the CFA designation and has a B.Sc. in Chemistry and a Ph.D. in Engineering Physics.
Geof Marshall, CFA
Geof Marshall, SVP, Head of Fixed Income & Lead – Private Markets, joined CI GAM in 2006 and leads the fixed income team and private markets group. Geof is also the lead manager on CI GAM’s income strategies and co-manages the private markets and income & growth funds as well as a number of multi-asset fixed income portfolios. He brings over 25 years of valued industry experience to his role at CI GAM, especially in asset allocation and analyzing, managing, and trading corporate bonds, leveraged loans, and private credit. Prior to CI GAM, Geof was a portfolio manager at Manulife Financial. Geof is a CFA charterholder with a Bachelor of Arts in Political Science from the University of Western Ontario. He is also a member of the CFA Society Toronto and chairs the Investment Committee at the Royal Ontario Museum where he also serves on the Board of Governors.
Robert Swanson, MBA, CFA
Robert Swanson, Senior Vice President and Co-Head of Equities – Portfolio Management at CI Global Asset Management (CI GAM), is a seasoned finance professional with over 40 years in investment management. Robert plays a pivotal role in managing the firm's equity portfolio management team in addition to driving its international equity strategies.
Before joining CI GAM in 2011, Robert was a lead portfolio manager at Fidelity Investments. His tenure at Fidelity Investments showcased his abilities to manage large-scale funds and navigate complex financial systems.
In terms of education, Robert holds a Bachelor of Science in Finance from Northern Illinois University and an MBA from Northwestern University. His academic credentials also include the Chartered Financial Analyst (CFA) designation, further demonstrating his knowledge and commitment to financial analysis and ethics.
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IMPORTANT DISCLAIMERS
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
This communication is provided as a general source of information and should not be considered personal, legal, accounting, tax or investment advice, or construed as an endorsement or recommendation of any entity or security discussed. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Market conditions may change which may impact the information contained in this document. All charts and illustrations in this document are for illustrative purposes only. They are not intended to predict or project investment results. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies.
Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this communication.
Certain statements in this document are forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Global Asset Management and the portfolio manager believe to be reasonable assumptions, neither CI Global Asset Management nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.
