YEREVAN, February 2026 

Amundi’s annual conference dedicated to the 2026 Global Investment Outlook was held under the following specific title "Keep It Turning”.

The evening was marked by the presence of a distinguished guest, Vincent Mortier, CIO of the world-renowned Amundi Group. 

Amundi, which operates in 35 countries, has held this series of Outlook 2026 in 20 of them. Armenia concluded the global tour as the honorary 20th country. Amundi-Acba, the exclusive representative of Amundi in the region, hosted the event.

During the conference, Vincent Mortier delivered the keynote speech and mentioned: “This year will be more difficult I warn you and there will be a pocket of performances to be captured but also some risks to be avoided. The question mark is always a timing: Because if you are right too early, it's a pain. If you are right too late, it's a pain. So, we need to face and to be aware of the risks and navigate through these risks. This is one of the main important topics of this year: the timing of the rotation, the timing of the risk and risk-off and how to navigate all this.”

The Group CIO outlined the key themes defining the global economic landscape and investment directions for 2026:

• During a period of controlled disorder, continue to diversify portfolios by country, sector, and company market capitalization.
• Think globally and look equities beyond tech race. The dominance of artificial intelligence (AI) and technology investments remains a primary growth driver, but it requires a cautious approach to valuation. The heavy concentration around a few large tech companies necessitates diversification.
• The high and rising level of U.S. public debt, together with a weak U.S. dollar, increases demand for global bond diversification. In this new paradigm, fixed-income instruments from Europe and emerging markets are more attractive and open  new opportunities.
• AI is driving increased energy demand amid a net-zero energy transition. This creates opportunities in climate-focused equities, sustainable infrastructure, and green bonds.
• Growth premia and the Federal Reserve’s expected rate cuts should support opportunities in emerging economies. Emerging-market bonds stand out for high yields, while equity opportunities offer diversification.

According to Amundi’s analysis, investments in the AI sector will act as a safeguard, preventing the projected slowdown of the US economy from turning into a full-scale recession. Meanwhile, emerging markets (China, India) are expected to demonstrate high resilience.

Vincent Mortier advised investors to avoid the over-concentration of capital in a single market or sector.

According to Amundi's Group CIO, diversification remains the most effective defense in a world of high valuations. To mitigate risks, portfolios must be rebalanced with an emphasis on European assets and emerging markets. 

Access the full Global Investment Outlook 2026 here