Sectors to consider when investing in 2026

k9bmkDEC@?8m$64E@CD E@ 4@?D:56C H96? :?G6DE:?8 :? a_aek^DEC@?8mk^9bm

kAmx?G6DE@CD H9@ ?2G:82E65 a_ad H:E9 5:G6CD:7:65 A@CE7@=:@D 5:5?’E ;FDE C65F46 C:D<—E96J 6?92?465 C6EFC?D] x? a_ae[ E96 A=2J3@@< 7@C >2?J :?G6DE@CD C6>2:?D 32=2?465i $E2J :?G6DE65 :? =2C86\42A px =6256CD H9:=6 3C@256?:?8 6IA@DFC6 36J@?5 E96 ?2CC@H6DE A2CE @7 E96 >2C<6E] k2 9C67lQ9EEADi^^HHH]C2?86]4@>Qm#2?86k^2m 9:89=:89ED E9C66 2DA64ED @7 A@CE7@=:@ 4@?DECF4E:@? E@ A2J 2EE6?E:@? E@ E9:D J62C]k^Am

k9bm|2:?E2:?:?8 tIA@DFC6 E@ px 2?5 q:8 %649 (:E9@FE v@:?8 p== x?k^9bm

kAmr@?46C?D @7 2? px 3F33=6 23@F?5[ 2?5 E96J >2J J6E 36 C62=:K65[ 3FE E92E 5@6D?’E >62? :?G6DE@CD D9@F=5 232?5@? q:8 %649 6?E:C6=J]k^Am

kAm%96 G6=@4:EJ @7 :??@G2E:@? 2?5 8C@HE9 :? E96 px D64E@C :D D:>A=J E@@ 9:89 E@ :8?@C6] %96 AC@5F4E:G:EJ C6G@=FE:@? F?56CH2J :D 7F?52>6?E2==J C6D92A:?8 E96 8=@32= 64@?@>J] #682C5=6DD @7 H96C6 G2=F2E:@?D DE2?5 E@52J[ 6=:>:?2E:?8 6IA@DFC6 E@ =2C86 &]$] E649 4@>A2?:6D 2E E96 6A:46?E6C @7 E9:D EC6?5 4C62E6D 2 5:DE:?4E C:D< 7@C E9@D6 @? E96 D:56=:?6D]k^Am

kAmu@C =@?8\E6C> :?G6DE@CD[ E96 @AA@CEF?:EJ 4@DE @7 6I:E:?8 E@@ 62C=J :D >62?:?87F=] r@?D:56C E96 “s@E\r@>” 6C2] p? :?G6DE@C H9@ D@=5 E649 DE@4<D :? `hhf 3642FD6 E96J =@@<65 “6IA6?D:G6” >:DD65 E96 DECF4EFC2= 82:?D @7 E96 7@==@H:?8 E9C66 J62CD] tG6? 27E6C E96 4C2D9 @7 a___[ E96 :?G6DE@C H9@ 96=5 E9C@F89 E96 4J4=6 @7E6? 6?565 FA 29625 @7 E96 :?G6DE@C H9@ 6I:E65 AC6>2EFC6=J]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^ehdg7272g7`5g67ca7e`hf2g04d5`f_5_]A?8Q 2=ElQr92CE D9@H:?8 }2D52B r@>A@D:E6 x?56I {6G6=D 36EH66? `hh_ 2?5 `hhh]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@FC46i u24E$6Ek^7:842AE:@?mk^7:8FC6m

kAm%9:D :D A2CE:4F=2C=J C6=6G2?E :? a_ae] &?=:<6 E96 5@E\4@> A62<—H96? E96 u65 H2D 9:<:?8 C2E6D 2?5 E96 C68F=2E@CJ 6?G:C@?>6?E H2D F?46CE2:?—E@52J’D px 3@@> :D @44FCC:?8 282:?DE E96 324<5C@A @7 2 DFAA@CE:G6 u65 2?5 :?4C62D:?8 7:D42= DE:>F=FDkDEC@?8m]k^DEC@?8m q6EE:?8 282:?DE 2 E649?@=@8:42= C6G@=FE:@? :D 5:77:4F=E 6?@F89j 36EE:?8 282:?DE @?6 E92E :D 324<65 3J k2 9C67lQ9EEADi^^HHH]C2?86]4@>^3=@8^a_ae\>2C<6E\@FE=@@<\A@=:4JQm244@>>@52E:G6 >@?6E2CJ 2?5 7:D42= A@=:4Jk^2m 4@F=5 36 6G6? C:D<:6C]k^Am

k9bm$>2== 2?5 |:542A $E@4<D r@F=5 ~776C tIA@DFC6 E@ 2 s:776C6?E !2CE @7 E96 t4@?@>:4 rJ4=6k^9bm

kAms6DA:E6 DEC@?8 9625=:?6 >2C<6E A6C7@C>2?46[ =2C86 A2CED @7 E96 &]$] 64@?@>J 92G6 366? :? 2 C@==:?8 D=@H5@H? 7@C J62CD—2?5 2C6 @?=J ?@H DE2CE:?8 E@ EFC?] |2?F724EFC:?8 DA6?E >F49 @7 E96 A2DE E9C66 J62CD :? 4@?EC24E:@?i %96 k2 9C67lQ9EEADi^^EC25:?864@?@>:4D]4@>^F?:E65\DE2E6D^3FD:?6DD\4@?7:56?46Qmx$| |2?F724EFC:?8 !|xk^2m H2D 36=@H d_ 7@C ae 4@?D64FE:G6 >@?E9D 367@C6 C6EFC?:?8 E@ 6IA2?D:@? :? 62C=J a_ad] |62?H9:=6[ E96 r@?76C6?46 q@2C5’D k2 9C67lQ9EEADi^^HHH]4@?76C6?46\3@2C5]@C8^E@A:4D^FD\=625:?8\:?5:42E@CD^Qm{625:?8 t4@?@>:4 x?56Ik^2m 92D C6>2:?65 A6CD:DE6?E=J H62< D:?46 >:5\a_aa—2E @?6 A@:?E =@88:?8 ab DEC2:89E >@?E9=J 564=:?6D—2? F?FDF2==J =@?8 H2C?:?8 DEC62< H:E9@FE 2? @77:4:2= C646DD:@?]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^4@?76C6?46\3@2C5\=6:\J0J\492?86\a_a_\a_ad]A?8Q 2=ElQr92CE D9@H:?8 A6C46?E 492?86 :? r@?76C6?46 q@2C5 {tx J62C @G6C J62C 36EH66? a_a_\a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@FC46i r@?76C6?46 q@2C5k^7:842AE:@?mk^7:8FC6m

kAm%9:D >2=2:D6 D9@HD FA H96? J@F =@@< 36J@?5 9625=:?6 :?56I 62C?:?8D] (9:=6 $U2>Aj! d__ AC@7:ED 92G6 366? 5:DAC@A@CE:@?2E6=J DFAA@CE65 3J E96 “|28 f[” 62C?:?8D 7@C E96 EJA:42= &]$] 4@>A2?J 92G6 366? 72C >@C6 DF35F65 2?5 @?=J C646?E=J :>AC@G:?8] %96 >65:2? DE@4< :? E96 #FDD6== b___—2? :?56I E92E C6AC6D6?ED C@F89=J hgT @7 E96 :?G6DE23=6 &]$] 6BF:EJ >2C<6E—92D D66? =24<=FDE6C 62C?:?8D >@>6?EF> :? C646?E J62CD 2?5 :D @?=J ?@H 368:??:?8 E@ :?7=64E]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^ehdg7272g7`5g67ca7e`hf2303c5_h`6b]A?8Q 2=ElQr92CE D9@H:?8 |65:2? #FDD6== b___ t2C?:?8D 36EH66? a_aa"` 2?5 a_ad "b]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@FC46i q=@@>36C8k^7:842AE:@?mk^7:8FC6m

kAm|2?J @7 E96D6 4@>A2?:6D 2C6 px 36?67:4:2C:6D—?@E 2D 9JA6CD42=6CD[ 3FE 2D 25@AE6CD :?E68C2E:?8 px E@ 3@@DE AC@5F4E:G:EJik^Am

kAm“x? E6C>D @7 E96 =2?8F286 4@FCD6D[ H6 25565 `cg ?6H =2?8F286 4@FCD6D] p== @7 E9:D 4@?E6?E H2D 5@?6 H:E9 px[ 2?5 :E C62==J E@@< FD 23@FE 2 J62C E@ 255 E96D6 `cg =2?8F286 4@FCD6D] p?5 =:<6 J@F >6?E:@?65[ E96 AC6G:@FD `__\:D9 4@FCD6D E@@< FD 23@FE `a J62CD E@ >2<6] $@ E9:D :D 2? :?4C65:3=6 DA665\FA]” – sF@=:?8@ "` a_ad t2C?:?8D r2==k^Am

kAm“p?5 D@ H6 AC@323=J 5:5?’E 86E 2D >F49 AC6DD @? E9:D[ 3FE :? E96 =2DE BF2CE6C…,H6 D2H. E9C@F89 2FE@>2E:@? 2?5 E9C@F89 px[ 2 e`T :>AC@G6>6?E :? AC@5F4E:G:EJ J62C\@G6C\J62C] p?5 ,H6. 5@?’E 92G6 =6DD 3C@<6CD — H6’G6 C656A=@J65 E96> :? @E96C A=246D E@ 86?6C2E6 7C6:89E” – $49?6:56C x?E6C?2E:@?2= 2E |$ x?5FDEC:2=D r@?76C6?46 :? "b a_adk^Am

kAm“~FC >2C8:?D 6IA2?565 3J h_ 32D:D A@:?ED D6BF6?E:2==J 2D D:K23=6 2FE@>2E65 DE2CEFAD 2?5 AC@5F4E:G:EJ :?:E:2E:G6D]]] >2EFC65 >@C6 BF:4<=J E92? 6IA64E65]” – #)~ "a a_ad t2C?:?8D r2==k^Am

kAms6DA:E6 :>AC@G:?8 62C?:?8D EC6?5D 2?5 :?4C62D:?8 6G:56?46 @7 px\5C:G6? AC@5F4E:G:EJ[ D>2== 2?5 >:542A DE@4<D 4@?E:?F6 E@ EC256 2E 2 9:DE@C:42==J H:56 5:D4@F?E E@ =2C86 42AD] x7 62C?:?8D C6G:D:@?D <66A EC6?5:?8 9:896C[ E9:D D68>6?E @7 E96 >2C<6E DE2?5D E@ 36?67:E 7C@> 2 A@H6C7F= 4@>3:?2E:@?i 2446=6C2E:?8 62C?:?8D 8C@HE9 4@>3:?65 H:E9 G2=F2E:@? >F=E:A=6 6IA2?D:@?] (96? E9:D 5J?2>:4 =2DE @44FCC65 36EH66? a_a_ 2?5 a_a`[ D>2== 2?5 >:542A DE@4<D @FEA6C7@C>65 E96 $U2>Aj! d__ 3J @G6C a_T]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^ehdg7272g7`5g67ca7e`hf3c0dadgfeeg]A?8Q 2=ElQr92CE D9@H:?8 $>2== 2?5 |:5 r2AD #6=2E:G6 '2=F2E:@? GD] {2C86 r2AD 36EH66? a_`_ 2?5 a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@FC46i q=@@>36C8k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^mx?E6C?2E:@?2= $E@4<D r2? !C@G:56 &?4@CC6=2E65 ~AA@CEF?:E:6Dk^9bm

kAmp7E6C J62CD @7 &]$] 5@>:?2?46[ a_ad AC@G65 5@>6DE:4 @FEA6C7@C>2?46 :D?’E 8F2C2?E665] x?E6C?2E:@?2= 6BF:E:6D @FEA2465 E96 $U2>Aj! d__[ 96=A65 3J 2 H62<6C 5@==2C 2?5 2 42E49\FA :? G2=F2E:@?D @FED:56 E96 &]$]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^_h^ehdg7272g7`5g67ca7e`hf3`0eab7edch]A?8Q 2=ElQr92CE D9@H:?8 a_ad |2C<6E #6EFC?D :? d 5:776C6?E 4@F?EC:6D]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?m$@FC46i q=@@>36C8k^7:842AE:@?mk^7:8FC6m

kAmw625:?8 :?E@ a_ae[ E96 C6DE @7 E96 H@C=5 92D 4C65:3=6[ C68:@?\DA64:7:4 E2:=H:?5D E92E 42? DFDE2:? 4@?E:?F65 A6C7@C>2?46[ 6DA64:2==J 7C@> 2 DE2CE:?8 A@:?E @7 86?6C2==J =@H6C G2=F2E:@?D]k^Am

k9bmtFC@A6k^9bm

kF=mk=:mkDEC@?8mu:D42= A:G@E Wv6C>2?JXik^DEC@?8m v6C>2?J’D D9:7E 7C@> 9:DE@C:4 C6DEC2:?E E@ 2 =2C86[ >F=E:\J62C :?G6DE>6?E AFD9—G:2 2 d__ 3:==:@? 6FC@ :?7C2DECF4EFC6 7F?5 2?5 3C@256C 7:D42= 7=6I:3:=:EJ—492?86D E96 C68:@?’D 8C@HE9 >:I 2?5 DFAA@CED 4J4=:42=D]k^=:mk=:mkDEC@?8m#62C>2>6?E 2?5 :?5FDEC:2= 56>2?5k^DEC@?8mi }p%~ 2==:6D 4@>>:EE65 E@ 2 A2E9 E@H2C5 9:896C 5676?D6\C6=2E65 DA6?5:?8 W:?4=F5:?8 2 DE2E65 b]dT “4@C6 5676?D6” 8@2= 3J a_bdX[ H9:49 :D 2 DECF4EFC2= E2:=H:?5 7@C 5676?D6[ 26C@DA246[ 2?5 A2CED @7 tFC@A62? :?5FDEC:2=D]k^=:mk=:mkDEC@?8mpx 2D 2 >2C8:? DE@CJk^DEC@?8mi tFC@A6’D >2C<6E 4@>A@D:E:@? D<6HD >@C6 E@H2C5 “@=5 64@?@>J” D64E@CD[ :?4=F5:?8 :?5FDEC:2=D[ >2E6C:2=D[ 2?5 7:?2?4:2=D—H96C6 px 25@AE:@? 42? D9@H FA 2D 677:4:6?4J 2?5 >2C8:? 6IA2?D:@?[ ?@E ;FDE “px C6G6?F6]”k^=:mk^F=m

k9bmr9:?2k^9bm

kF=mk=:mkDEC@?8m%96 “~E96C” px !@H6C9@FD6ik^DEC@?8m r9:?2 :D 6IA=:4:E=J AFCDF:?8 px D6=7\C6=:2?46—24C@DD 49:AD[ >@56=D[ 2?5 56A=@J>6?E—DFAA@CE65 3J A@=:4J 2?5 DE2E6\=:?<65 42A:E2=[ 6G6? 2D &]$] 6IA@CE 4@?EC@=D C6>2:? 2 4@?DEC2:?E]k^=:mk=:mkDEC@?8m'2=F2E:@?ik^DEC@?8m xED E649 8:2?ED—E96 “|28 f @7 E96 t2DE”—2C6 8C@H:?8 62C?:?8D 3FE EC256 2E 9:DE@C:4 5:D4@F?ED Wg\`_ E:>6D !^tX G6CDFD E96:C &]$] A66CD] %9:D @776CD 6IA@DFC6 E@ px 8C@HE9 H:E9@FE E96 G2=F2E:@? AC6>:F>]k^=:mk^F=m

k9bmx?5:2k^9bm

kF=mk=:mkDEC@?8mq6DE\x?\r=2DD vC@HE9ik^DEC@?8m x?5:2 C6>2:?D @?6 @7 E96 72DE6DE\8C@H:?8 >2;@C 64@?@>:6D[ H:E9 E96 x|u AC@;64E:?8 2C@F?5 2 e]cT 8C@HE9 :? 3@E9 a_ad 2?5 a_ae]k^=:mk=:mkDEC@?8mu2G@C23=6 s6>@8C2A9:4Dk^DEC@?8mi p =2C86[ J@F?8 H@C<7@C46 2?5 C2A:5 5:8:E:K2E:@? 4@?E:?F6 E@ DFAA@CE 5@>6DE:4 56>2?5 2?5 7@C>2=:K2E:@?—E2:=H:?5D E92E 2C6 =6DD E:65 E@ E96 8=@32= 4J4=6]k^=:mk^F=m

kAmx?E6C?2E:@?2= >2C<6ED @776C >@C6 E92? ;FDE 2 G2=F2E:@? 5:D4@F?Ej E96J 42? @776C 2 5:776C6?E H2J E@ H:?] qJ 2==@42E:?8 8=@32==J[ :?G6DE@CD 42? @H? D@>6 @7 E96 “A:4<D 2?5 D9@G6=D” @7 E96 92C5H2C6 DFAA=J 492:? 2?5 2446DD 5:DE:?4E >24C@ 42E2=JDED E92E AC@G:56 C6EFC? 5C:G6CD F?4@CC6=2E65 E@ E96 &]$] E649 D64E@C]k^Am

k9bm!=2J3@@< 7@C a_aek^9bm

kAma_ae 42? 36 2 J62C H96C6 >2C<6E =6256CD9:A 3C@256?D]k^Am

kAmkDEC@?8m`] |2:?E2:?:?8 r@C6 tIA@DFC6 E@ px {6256CDik^DEC@?8m s6DA:E6 6=6G2E65 G2=F2E:@?D[ E96 =2C86\42A &]$] DE@4<D C6>2:? E96 AC:>2CJ 6?8:?6D @7 8=@32= 62C?:?8D 8C@HE9] (6 2C6 :? E96 >:5DE @7 2 42A:E2= 6IA6?5:EFC6 DFA6C\4J4=6 E92E C:G2=D E96 3F:=5\@FE @7 E96 :?E6C?6E] tI:E:?8 2 86?6C2E:@?2= E649?@=@8:42= D9:7E 62C=J 42? 36 >@C6 4@DE=J E92? C:5:?8 @FE G@=2E:=:EJ] %96D6 36DE\:?\4=2DD 4@>A2?:6D 42? 36 E96 7@F?52E:@? @7 2 8C@HE9 A@CE7@=:@]k^Am

kAmkDEC@?8ma] r2AEFC:?8 E96 “#62= t4@?@>J” #63@F?5 W$>2== 2?5 |:542AXik^DEC@?8m $>2== 2?5 >:542A DE@4<D @776C 2 5F2= 36?67:Ei 2 96586 282:?DE >682\42A 4@?46?EC2E:@? 2?5 2? @776?D:G6 A=2J @? E96 &]$] 64@?@>:4 C64@G6CJ H:E9 9:89 @A6C2E:?8 =6G6C286—6DD6?E:2==J 3FJ:?8 E96 “C62= 64@?@>J” 2E 2 9:DE@C:4 5:D4@F?E]k^Am

kAmkDEC@?8mb] !2CE:4:A2E:?8 v=@32==Jik^DEC@?8m x?E6C?2E:@?2= >2C<6ED @776C >@C6 E92? ;FDE 2 G2=F6 A=2Jj E96J @776C 5:DE:?4E 5C:G6CD @7 C6EFC? E92E 2C6 F?4@CC6=2E65 E@ E96 &]$] 4@?DF>6C] s:DE:?4E =@42= 42E2=JDED—DF49 2D v6C>2?J’D 7:D42= A:G@E @C x?5:2’D 56>@8C2A9:4 3@@>—AC@G:56 8C@HE9 6?8:?6D E92E 42? 56=:G6C 6G6? :7 E96 &]$] D=@HD] x?E6C?2E:@?2= 2==@42E:@?D 2=D@ 2==@H :?G6DE@CD E@ @H? 3C@25 px 6IA@DFC6 2E 2 >62?:?87F= 5:D4@F?E E@ &]$] >F=E:A=6D]k^Am

kAmkDEC@?8ms:G6CD:7:42E:@? :? a_ae :D ?@E ;FDE 23@FE A=2J:?8 5676?D6j :E :D 23@FE 42AEFC:?8 E96 C6DE @7 E96 C64@G6CJk^DEC@?8m] qJ C632=2?4:?8 :?E@ E96D6 =288:?8 D64E@CD H9:=6 9@=5:?8 H:??6CD[ :?G6DE@CD 42? >:E:82E6 E96 C:D<D @7 2? px D6?E:>6?E D9:7E H9:=6 6IA@D:?8 E96:C A@CE7@=:@D E@ E96 A2CED @7 E96 >2C<6E H:E9 E96 >@DE C@@> E@ C6C2E6]k^Am

kAmk2 9C67lQ9EEADi^^HHH]C2?86]4@>^3=@8^a_ae\>2C<6E\@FE=@@<\:?G6DE:?8\A=2J3@@<Qmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]C2?86]4@>Qmk6>m#2?86k^6>mk^2m k6>m2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2m]k^Am