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.
MARKET REVIEW AND Q3 OUTLOOK
PREVIOUS MARKET REVIEWS
Market Review and Q2 Outlook
Q2 2026 proved how quickly market conditions can change. Ongoing global conflicts, policy uncertainty and sharp cross asset moves pushed volatility back into focus. CI GAM's previous Market Review and Q2 Outlook broke down the risks and what they meant for portfolio strategy.
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.
MEET THE EXPERTS
Marc-André Lewis, PhD
As President and Chief Investment Officer, Marc-André Lewis leads CI Global Asset Management and oversees the continued development of the firm’s integrated global investment platform.
Marc-André has over 25 years of global investing experience. Prior to joining CI GAM in September 2021, Marc-André was Head of Portfolio Construction at the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds.
Prior to ADIA, Marc-André was Senior Vice-President and Deputy Chief Risk Officer at Caisse de dépôt et placement du Québec (CDPQ).
Lorne Gavsie, MBA
Lorne Gavsie is Senior Vice-President and Head of Macroeconomic & FX Strategy at CI Global Asset Management.
As Senior Vice-President and Head of Macroeconomic & FX Strategy, Lorne Gavsie leads CI Global Asset Management's global macro platform and serves as portfolio manager for the firm's currency strategies. He contributes to the asset allocation process and oversees the firm’s long-term asset class return framework, which informs investment strategy and portfolio construction.
Lorne has more than 25 years of experience in global financial markets, including senior leadership roles in Toronto and London. He holds a joint MBA from the London School of Economics and Political Science, HEC Paris and NYU Stern School of Business, and is a member of the Bank of Canada's Canadian Foreign Exchange Committee. He also serves on the Executive Board of the International Dyslexia Association, Ontario Branch.
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.
Kevin McSweeney, MBA, CFA
Kevin McSweeney is Senior Vice-President, Co-Head of Equities with CI Global Asset Management. He began his professional financial services career in 2000 as a Financial Economist with Finance Canada. Following this he spent time at Scotiabank, including time in Corporate Credit Risk Management. He has been with CI Investments in a variety of progressively senior roles since August 2008. Kevin began at CI with the high yield bond team as an investment analyst, progressing to portfolio manager. In 2016, he joined the equity team as an infrastructure and real estate specialist portfolio manager. He currently manages or co-manages multibillion-dollar asset pools in a variety of strategies including balanced, income and dividends, infrastructure and real assets, and Canadian and global equities. He was named as lead of Canadian equities for CI GAM in 2022.
A native of Halifax, Kevin has a BA from St. Mary’s University, an MBA from Dalhousie University and a variety of professional designations, including Futures and Options licensing and the Chartered Financial Analyst designation.
Matthew Strauss, CFA
Matthew Strauss has more than 25 years of global investment experience. Mr. Strauss joined CI in 2011 to help manage currency overlays and oversee the emerging market equity mandates. He is currently the lead manager on CI Global Select Equity fund and co-manager of the CI Global Income and Growth mandate. He also serves on the Asset Allocation Committee. As lead portfolio manager for the global and emerging market equity mandates, Matthew provides macroeconomic, country and sector strategies for these mandates. He has extensive international experience, having worked as Chief Strategist at the largest retail bank in Africa and as Senior Fixed Income and Currency Strategist at RBC Capital Markets. Matthew holds the Chartered Financial Analyst designation, a Bachelor of Commerce degree and an MA in Economics from the University of Stellenbosch, South Africa.
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.
INVESTMENT SOLUTIONS
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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.
