Investment Perspectives - May 2026

Welcome to our spring edition of Investment Perspectives. The first quarter of 2026 was an eventful one, as the Middle East conflict dominated headlines and markets. With the Strait of Hormuz effectively closed, energy prices climbed at the prospect of a supply shock, bringing disquiet that higher inflation would soon follow.

If the conflict ends quickly, the outlook could improve. But for now, the picture is one of weaker growth, higher inflation and tighter monetary policy. You’ll find a full analysis of Q1 market performance, plus our forward-looking views, in our capital markets update.

Alongside our market views, we’re sharing some of our latest investment ideas and thinking, to help you build resilient, diversified portfolios for the long term.

Here’s what’s in store:

• Under the spotlight: global equity market valuations – Matt Firth discusses barriers to entry, earnings growth trends, and what they mean for fair value. Could valuations deflate in a benign way if earnings growth is strong?
• Using evergreen structures to continue private debt investment – Penny Cochrane and Ben Fox outline the different structures becoming available for UK investors, focusing on evergreen solutions.
• The outlook for infrastructure – Asad Rashid gives a forward-looking perspective on infrastructure and explores why it’s a compelling asset class for long-term investors.
• Stewardship stories: engagement in action – Sanjay Joshi and Andrew McCollum share two case studies that show why asset owners shouldn’t give up on stewardship amid a broader ESG pushback.
• Capital markets update – our capital markets team examine the key market drivers in Q1 and offer their medium-term asset-class outlooks.

To read the full edition, click below: 

Read the full edition

We’re always keen to hear how we can help you achieve the best investment outcomes for your pension scheme members. Please get in touch for a one-to-one conversation on any of the topics covered in our articles.

Important Information
This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon
for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy. However, we provide no guarantee and accept no liability in respect of any errors made by any third party.

General Investment Risk Warning
Please note the value of investments, and income from them, may fall as well as rise. This includes but is not limited to equities, government or corporate bonds, derivatives and property, whether held directly or in a pooled or collective investment vehicle. Further, investments in developing or emerging markets may be more volatile and less marketable than in mature markets. Exchange rates may also affect the value of investments. As a result, an investor may not get back the full amount of the original investment. Past performance is not necessarily a guide to future performance.