Financial markets rarely follow a straight line. 2025 delivered its share of surprises, and there’s little reason to expect 2026 will be any different.
We sat down with Eric Giegas, Product Specialist at AG, and Bernadette Migisha, Head of Sustainable & Responsible Investing, to review last year’s results, share expectations for the year ahead, and explain why sustainability is a cornerstone in AG’s strategy.
Eric, what were the key takeaways from 2025?
Eric Giegas : "Volatility was the defining theme of 2025, driven largely by unpredictable U.S. policy and investor reactions to the tech sector’s exceptional quarterly results.
Our multi-management approach - designed to diversify across investment styles - proved resilient in all market conditions. In equities, we balanced managers focused on value sectors such as financials with those targeting high-growth areas, notably technology. For fixed income, we gradually trimmed our overweight position in corporate bonds as valuation pressures mounted."
In Branch 21, we favour a defensive approach with guaranteed returns (plus the possibility to earn profit sharing), prioritising steady performance. In Branch 23, there are no guarantees on returns. Instead, we apply a multi-asset strategy aimed at diversification.
What is AG's outlook for 2026?
Eric Giegas: "The outlook is positive. Key indicators point to continued strength: robust economic expansion on both sides of the Atlantic supported by fiscal stimulus, easing trade tensions and central banks leaning towards neutral or even accommodative stances. Our multi-management strategy positions us well to navigate these dynamics."
Rainbow Red: 4.94%
Rainbow Indigo: 1.79%
Rainbow Green: 2.95%
👉 Explore our new interactive Dashboard for fund performance data and detailed analytics at a glance.
Bernadette, how does AG incorporate ESG into its investment decision-making process?
Bernadette Migisha : "As a prudent and responsible investor, we recognise that environmental, social and governance factors are critical drivers of long-term performance - impacting both returns and risk management. Accordingly, ESG considerations are systematically embedded in our Branch 21 and Branch 23 investment strategies.
Our approach to sustainable and responsible investing is based on three principles:
- Exclude: We avoid investments in certain countries, sectors and activities, including weapons, jurisdictions under financial embargo, tax havens, tobacco, gambling, thermal coal, unconventional fossil fuel extraction, food commodity derivatives and companies that violate UN Global Compact principles.
- Integrate: For every investment decision we make, we assess not only financial metrics, but also environmental, social and governance (ESG) criteria - across all asset classes.
- Engage: We actively participate in select shareholder meetings and maintain dialogue with companies to support their sustainability efforts, demanding transparency and measurable commitments to long-term goals.
Ultimately, we seek companies that combine strong financial performance with responsible practices, driving sustainable growth over the long term."
👉 Explore our newly designed interactive Dashboard to identify funds aligned with your objectives. The new Dashboard provides detailed performance analytics, ESG Risk Scores and carbon footprint metrics, all presented with transparent and actionable insights.
Finally, what message would you share with employers that invest via AG?
Eric Giegas : "Every seasoned investor knows the importance of diversification. At AG, our multi-management approach takes diversification to the next level by leveraging a broad spectrum of manager strategies.
But I would add this advice: during periods of heightened volatility, don’t let short-term swings derail your strategy - stay invested to capture future gains. As 2025 reaffirmed, investors who exited prematurely - such as during April’s downturn - missed the rebound that followed just months later."
Conclusion
With a strategy rooted in diversification, ESG principles and active management, AG is stepping into 2026 with confidence. The past year confirms that sustainability and performance are mutually reinforcing, providing investors with solid and responsible prospects for the future.
Join the Economic Outlook 2026 webinar from the Pension & Health Academy In this webinar, we'll review key events from 2025 and their impact on our investment funds. We'll then look ahead and explore the most likely economic scenarios for 2026. In no time at all, you'll gain insight into current and future economic trends and their impact on financial markets! Speakers: Olivier Colsoul, AG's Senior Strategist and Eric Giegas/Jurgen Temmerman, Asset Manager at AG |