At RBC GAM, our investment experts operate across dynamic market environments, sub-asset classes, geographical regions, and opportunity sets. Here we reflect on the key events in 2025 and share our views on what could lie ahead in 2026. Key points: A look at valuations and the fundamental backdrop for credit markets across the risk spectrum. Macroeconomic factors influencing positioning in portfolios, including U.S. economic growth, inflation expectations, and market liquidity. What factors will likely affect ability of equities to continue to deliver strong performance.