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This preface was originally written in Dutch. This is an English translation.
Navigating between ambition and uncertainty.
AI investments and rising defence spending are now having a broad impact on the economy and commodity markets. The Magnificent 7 theme is losing its exclusivity; the positive investment impulse is increasingly translating into a broader market. Equities are no longer benefiting solely from concentration in a few megacaps, but from broader growth.
In the US, productivity has become the dominant driver behind the expected growth of around 4%. This is resulting in a form of jobless growth: higher output without a proportional increase in employment. This creates a complex area of tension for monetary policy. The labour market is cooling, while inflation remains stubbornly around 3%. Fiscal stimuli and higher defence budgets also make a rapid return to 2% less likely.
The relative strength of emerging markets is striking. Strong earnings growth in Chinese technology and a renewed commodity cycle in Latin America are supporting performance, even relative to US equities.
However, beneath the apparent calm, regimes and themes are shifting rapidly. The world in which investors operate seems to have become more complex and unpredictable in a short period of time. Trade policy, geopolitical tensions and the still unclear macro impact of the AI wave are keeping strategic uncertainty high.
For this first edition of 2026, we wanted to know how young professionals experience these developments in their daily work. We asked eight young talents how they navigate between uncertainty and ambition. Their perspectives not only offer a snapshot of the profession today, but also valuable insights into how the sector is preparing for tomorrow.
In the cover interview, we speak to young professional Mark van Schagen, who, as Senior Portfolio Manager at CZ and board member at SBZ Pensioen, has one foot in the insurance sector and the other in the pension sector. His pursuit of efficiency without losing sight of the human side is promising.
For Van Schagen, the Wtp transition and all the preparations surrounding it have been very important for his own development. SBZ Pensioen has not yet made the transition, but more than 20 other funds have already done so. We asked four people closely involved how the transition went and what lessons they learned from the intensive preparation process. Take advantage of this information!
The new pension system will undoubtedly influence the investment processes of pension funds and, with that, the work of fiduciary managers. Reason enough for Financial Investigator to organise a round table discussion on this topic. What will the role of the fiduciary manager look like in 2030? The result is a fascinating report that clearly shows that the importance of outsourcing and fiduciary management is increasing. That seems to be a certainty for now, despite all the strategic uncertainties.
I hope you enjoy reading!
Jolanda de Groot, Editor-in-Chief
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