2026 JANA Investment Strategy Outlook

Navigating structural shifts in a complex world

Economies and markets rarely follow predictable patterns. They exist in a constant state of flux, shaped by shifting policies, feedback loops and powerful structural forces. While cyclical changes in policy, economic outlook and market prices are often short-lived, structural shifts in geopolitics, demographics, technology and economic policy ensure that no two cycles are ever the same.

Each year, JANA’s investment strategy teams assess recent cyclical developments and the progress of longer-term structural change. We identify the themes most likely to influence strategic positioning – and ultimately, long-term investment outcomes.

Introducing the 2026 JANA Investment Strategy Outlook

The 2026 JANA Investment Strategy Outlook outlines our expectations for 2026 and beyond, focusing on the forces reshaping how economies function and how markets behave. In doing so, it examines a set of structural themes that are increasingly shaping the global investment environment.

This paper explores the key structural forces shaping the global investment environment, including:

• How a multi-polar world is driving a more complex international landscape
• How economic nationalism and fiscal intervention are reshaping stability, growth prospects and policy predictability
• The costs and implications of fragmented global responses to climate change and the energy transition
• How artificial intelligence (AI) and shifting demographics are transforming labour markets, productivity and long-term growth.

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You can also access the 2025 JANA Investment Strategy Outlook series to explore how last year’s themes have evolved.