ASK Private Wealth flags AI-led earnings, FII return as 2026 themes

ASK Private Wealth, the wealth management arm of Blackstone-backed ASK Asset & Wealth Management Group, has identified artificial intelligence-led profitability, easing trade tensions and a revival of foreign capital flows as some of the key drivers likely to shape markets in 2026.

 

In its Outlook 2026 report titled “Six Themes and One Worry Not”, the firm outlined six themes expected to have a meaningful influence on the investment landscape next year: AI adoption, resolution of trade tariffs, central bank policy flexibility, sectoral rotation, renewed foreign institutional investor (FII) interest, and the mainstreaming of alternative assets.

 

The report noted that the ongoing AI cycle is structurally different from previous technology booms, as it is being driven by earnings growth rather than valuation expansion. Global technology companies continue to deliver earnings upgrades, reinforcing the view that the current uptrend is grounded in fundamentals. 

On the evolving US-India tariff backdrop, ASK Private Wealth said the factors favouring an eventual resolution outweigh the risks. Despite tariff-related uncertainty, India has managed the impact well, with its overall trade balance remaining stable and the rupee tracking within historical ranges. 

“2026 is not about one macro trend driving everything; it is about dispersion, AI-led profitability, easing trade anxieties, and the return of foreign strategic capital into India,” said Somnath Mukherjee, chief investment officer at ASK Private Wealth. He added that faster sector churn and the growing role of alternatives in portfolios would support market depth, while concerns around US debt were largely overstated.

 

The report also highlighted that elevated real interest rates across major economies provide central banks with sufficient policy buffers to stabilise markets in the event of heightened volatility.

 

India, according to the firm, is witnessing a revival in foreign strategic and institutional interest, particularly in banking and real estate. Large cross-border transactions and renewed foreign direct investment (FDI) activity reflect improving governance standards, stronger balance sheets and continued reform momentum.

 

According to ASK Private Wealth, gold continues to benefit from multi-year demand drivers, real estate investment trusts and infrastructure investment trusts (REITs and InvITs) have delivered stable yield-plus-appreciation profiles, while private markets are offering early exposure to emerging sectors such as deep technology and climate solutions.

 

ASK Private Wealth said these trends underscore the case for diversified portfolios anchored in earnings resilience and long-term structural drivers. While global headlines may remain volatile, the firm believes the opportunity set for disciplined investors in 2026 remains strong.