Quarterly Investment Report – January 2026

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Healthy Optimism or Speculative Excess?

Markets ended 2025 in better shape than many expected, but the forces behind that strength are still being tested.

With geopolitics continuing to reshape global trade, we expect market sentiment to change quickly, flowing through currencies, commodities and equity leadership.

In our latest Quarterly Investment Report, we outline how we are positioning for 2026 in what remains a constructive, yet fragile, environment.

Here’s what we cover:

  • Australia’s economy is improving, although inflation is still the key constraint on policy.
  • Equity leadership is widening, and opportunities are emerging outside the large US mega cap growth names
  • AI adoption is finally starting to deliver, and we are seeing early signs of real productivity gains and stronger margins
  • Australian property prices remain resilient, and they continue to influence policy settings and the inflation outlook

In a market like this, selectivity is important. The challenge is staying focused on the fundamentals and avoiding areas where optimism has moved ahead of reality.

We hope you find the commentary helpful and look forward to staying connected through 2026.

Warm regards,
Mackay Private Wealth

MPAB

General Advice Warning: Any comments in this communication do not consider your objectives, financial situation or needs. Before acting on any general advice, consider whether it is appropriate for you.

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