Fisher Investments
The latest research and outlooks in the ProAllocate library
- Macro
Where the Manufacturing Cycle Goes From Here
Fisher Investments argues that despite central banks pivoting to tightening and typical US midterm election slowdowns, historical patterns suggest the current global manufacturing upcycle has room to run into 2027. This should sustain value stocks' outperformance over growth, benefiting portfolios tilted toward Financials and Industrials.
- Macro
Marshalling the Midterm Miracle
Fisher Investments argues that 2026's midterm elections will likely follow historical precedent, with President Trump's party losing congressional seats and increasing legislative gridlock. This gridlock reduces legislative risk and should extend the historic 'Midterm Miracle' stock rally through mid-2027.
- Equities
Benefits of Active Top-Down Investing
Fisher Investments Europe argues that passive index investing exposes investors to unintended sector and size concentration risks that intensify late in bull markets, historically preceding severe underperformance. It contends that active, top-down management—analysing macro, political and sentiment drivers across countries and sectors—can better navigate cyclical rotations and capture dispersion-driven alpha.
- Macro
Macro Insights Q3 2026
Fisher Investments argues the current bull market should extend into 2027, supported by steady economic growth and broadening market breadth despite volatility and geopolitical risk. It expects non-US equities to lead as sentiment stays cautious, while US midterm-driven political gridlock historically favours domestic stock performance.
- Equities
Q2 2026 Global Markets Review & Outlook
Fisher Investments argues the global bull market remains intact and likely in its 'late' but not final stage, with the Iran conflict's economic impact overstated and broad earnings growth supporting further gains. It expects non-US and value equities, alongside a bullish 'midterm miracle' from expected US legislative gridlock, to lead performance ahead.
- Thematics
Hyperscalers and the AI Buildout
Fisher Investments argues hyperscaler balance sheets remain solid despite surging AI data-centre capex, but stretched expectations, cost pressures and political pushback warrant caution, favouring value-oriented infrastructure exposure instead.
- Equities
The Danger of Chasing Investor Flows
Fisher Investments argues that investor fund flows chase past performance, with equity strategies (US large-cap, global quality growth, China) typically underperforming after periods of peak inflows, favouring forward-looking, macro-driven active management.
- Equities
Q2 2026 Executive Summary
Fisher Investments argues the global bull market remains intact despite Iran-conflict volatility, with non-US and value stocks poised to lead as sentiment remains far from euphoric outside AI and Tech. US midterm election gridlock and resilient emerging-market growth should further support equities through year-end.
- Equities
Health Care Outlook
Fisher Investments argues Health Care, despite YTD underperformance, is poised to outperform due to midterm-election seasonality, fading tariff/regulatory fears, resilient FDA approvals, and strengthening M&A and biotech funding. It favours large innovative Biopharma, small/mid-cap Biotech, and Health Care Providers.