The word from the manager: Invesco

'Among our favourite stocks is Viking Holdings'

"The other companies I find interesting are Aia Group and 3i"

by Isabella Della Valle

27 February 2026

3' min read

Translated by AI

Versione italiana

Key points

Will 2026 continue to show a rising stock market?
You run a concentrated 40-50 stock strategy. What are the opportunities of this choice?
Preferred Companies?

3' min read

Translated by AI

Versione italiana

This is what the scenario for the coming months might look like in the markets according to Stephen Anness, head of global equities at Invesco

How does the news from the tariffs front affect the US economy and your investment choices?

Our view is of an improving environment, with the effects of tariffs fading, fiscal expansion measures coming into effect and the possibility of lower rates as inflation moderates. We remain alert to any investment opportunities created by geopolitical events temporarily affecting sentiment, such as the tariffs-driven sell-off in April last year.

Many foreign countries are downgrading their positions on US debt. Will there also be an effect on the stock market?

Although there has been a change in the composition of buyers of Treasury bonds, there is no noticeable drop in demand from foreign investors. Danish pension funds made some sales, but it is worth noting that they represent a very small percentage of Treasury securities held by foreign investors (below 1%). Although China reduced its exposure, total foreign holdings peaked in November 2025 at USD 9.36 trillion, according to Moody's, and then dropped to USD 9.27 trillion in December, but this figure is still above the USD 8.5 trillion in 2024 and it is difficult to call this a structural collapse.

So what?

It is clear that the administration is trying to revive private sector growth and, if it succeeds, concerns about the fiscal situation will fade away. We believe that the most important driver for the US equity market will be fundamentals, such as earnings growth and the valuation offered relative to other equity markets. The US market continues to boast some of the best companies in the world.

Will 2026 continue to show a rising stock market?

We remain optimistic and try to avoid investing in themes or baskets of stocks, as these are often highly correlated and tend to perform well only under certain market conditions. We want to evaluate stocks on their individual merits, and although categories such as Mag 7 have performed well, we have still outperformed over the past five years, despite maintaining a persistent underweight on this group.

You run a concentrated 40-50 stock strategy. What are the opportunities of this choice?

As global investors, we have a wide range of companies to choose from. By focusing on 40-50 stocks, we are able to carefully assess the quality of the companies we select. We try to offer a diversified portfolio, not only in terms of sectors and geography, but also in terms of style and factors. We focus on idiosyncratic risk. By focusing on a narrow range of companies, we can select those with strong growth prospects, attractive valuations and good management teams.

The most interesting sectors?

Our largest exposure is in the industrial sector, reflecting the diversity of opportunities in that sector. We own a range of businesses, from Us trucking to civil aerospace (Rolls Royce), from French workwear rental (Elis) to Us construction materials (Qxo). In recent months we have increased our exposure to the healthcare sector, an underappreciated area of the market, but we have identified some interesting valuation opportunities both in the managed healthcare organisation (Mco) sector, such as Elevance, and in some specific opportunities, such as Becton Dickinson in the medical device sector. We believe the sector offers a useful diversification from the artificial intelligence-related momentum that the market has experienced over the past two years.

And the geographical exposure?

It is determined by the bottom-up opportunities we identify. Canada for example: we have an overweight position, but we only own one stock (Canadian Pacific Kansas City).

Preferred companies?

3i is the fund's largest holding and a stock we have held since late 2020. Although it is a UK-listed private equity firm, its core business is Action, one of the leading discounters in Europe. For us, Action remains one of the best companies in Europe, hidden within a private equity structure. AIA Group Asia's highest quality life insurance company, with structural growth driven by demographics, increasing penetration of protection/saving products and unparalleled distribution. The company continues to sign highly profitable new contracts and China remains a multi-decade opportunity, with AIA's target customer base of around 3% in existing provinces. Viking Holdings is a luxury cruise franchise focused on the US high net worth retirement market. The forward order book manages shipyards with limited capacity and creates volume visibility for several years.

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IL CONFRONTO

Isabella Della ValleCaposervizio
Luogo: Milano
Lingue parlate: Italiano e inglese
Argomenti: Risparmio, investimenti finanza
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