Fourth-quarter investment outlook views artificial intelligence spreading benefits across sectors as structural forces reshape global bond markets
KANSAS CITY, Mo., Sept. 28, 2026 /PRNewswire/ — Global growth remains resilient despite inflation, higher energy costs and geopolitical uncertainty, broadening investment opportunities across both equity and fixed-income markets, according to the fourth quarter 2026 investment outlook from American Century Investments. Chief investment officers for the global asset manager, which has more than $350 billion* in assets under supervision, point to continued momentum from AI-driven investment creating opportunities both beyond the technology sector and in global equities while reshaping capital markets and bond issuance trends.
“Despite persistent inflation and elevated interest rates, today’s markets offer an increasingly broader range of opportunities,” said Victor Zhang, senior vice president and chief investment officer of American Century, in the outlook’s introduction.
AI investment expands opportunities beyond a narrow group of technology stocks
Patricia Ribeiro, co-chief investment officer of global equity for American Century, sees evidence of resilience across global markets from stronger-than-expected corporate performance and earnings trends.
“Investment in AI remains an important driver of capital spending and earnings growth across global equity markets,” said Ribeiro. “Other sectors are benefiting from growth drivers beyond AI.” Ribeiro points to opportunities across financials, industrials, energy and emerging markets.
Charles Tan, chief investment officer of fixed income for American Century, highlights continued business investment and capital demand.
“We believe massive hyperscaler debt issuance and AI-related capital spending are reshaping the global investment backdrop,” said Tan. “Spending on data centers, power infrastructure and AI capacity is driving robust demand and competition for longer-duration capital. This dynamic is further pressuring the long end of the Treasury yield curve.”
Rising global yields reflect structural shifts in capital markets
While rising U.S. Treasury yields have fueled concerns about federal debt and borrowing costs, Tan argues that investors may be overlooking the global nature of the trend. He notes that rising yields are not unique to the United States and instead reflect broader forces reshaping capital markets worldwide.
“It’s important to note that the U.S. isn’t the only country facing higher yields. Across developed markets, similar factors — including elevated inflation and soaring government deficits and debt — are driving global bond yields higher,” said Tan. “The synchronized rise in global yields suggests demand for a higher term premium but no explicit concern about the U.S. fiscal condition yet.”
Diversification remains important
As investors navigate an uncertain environment, remaining diversified, maintaining a long-term perspective and staying committed to a well-constructed investment plan may be among the most important steps they can take.
“In our view, disciplined security selection and diversification remain critical as investors weigh durable growth opportunities against elevated macroeconomic and geopolitical risks,” said Ribeiro.
The full American Century investment outlook includes insights on global macroeconomics, U.S. and global equities, fixed income, multi-asset strategies and sustainable investing trends.
About American Century Investments
American Century Investments is a leading global asset manager focused on delivering investment results and building long-term client relationships while supporting breakthrough medical research. Founded in 1958, American Century Investments’ approximately 1,400 employees serve financial professionals, institutions, corporations and individual investors from offices in Kansas City, Mo.; New York; Los Angeles; Santa Clara, Calif.; Portland, Ore.; London; Frankfurt, Germany; Hong Kong; and Sydney. Jonathan S. Thomas is chairman, chief executive officer and president, and Victor Zhang serves as senior vice president and chief investment officer. Delivering investment results to clients enables American Century Investments to distribute 40% of its dividends to the Stowers Institute for Medical Research, a 500-person, nonprofit biomedical research organization with a focus on foundational research. The Institute is the largest owner of American Century Investments and has received dividend payments of more than $2 billion since 2000. For more information about American Century Investments, visit www.americancentury.com.
*Assets under supervision as of 9/15/2026.
©2026 American Century Proprietary Holdings, Inc. All rights reserved.
The opinions expressed are those of American Century Investments (or the portfolio manager) and are no guarantee of the future performance of any American Century Investments portfolio. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.
Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.
Diversification does not assure a profit nor does it protect against loss of principal.
International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.
Generally, as interest rates rise, the value of the bonds held in the fund will decline. The opposite is true when interest rates decline.
Glossary Definitions
Duration
Duration is an important indicator of potential price volatility and interest rate risk in fixed income investments. It measures the price sensitivity of a fixed income investment to changes in interest rates. The longer the duration, the more a fixed income investment’s price will change when interest rates change. Duration also reflects the effect caused by receiving fixed income cash flows sooner instead of later. Fixed income investments structured to potentially pay more to investors earlier (such as high-yield, mortgage, and callable securities) typically have shorter durations than those that return most of their capital at maturity (such as zero-coupon or low-yielding noncallable Treasury securities), assuming that they have similar maturities.
Hyperscaler
Hyperscaler examples include large tech companies that operate massive global networks of data centers.
Inflation
Inflation, sometimes referred to as headline inflation, reflects rising prices for consumer goods and services, or equivalently, a declining value of money. Core inflation excludes food and energy prices, which tend to be volatile. It is the opposite of deflation.
Treasury yield
The yield (defined below) of a Treasury security (most often refers to U.S. Treasury securities issued by the U.S. government).
Yield
For bonds and other fixed-income securities, yield is a rate of return on those securities. There are several types of yields and yield calculations. “Yield to maturity” is a common calculation for fixed-income securities, which takes into account total annual interest payments, the purchase price, the redemption value, and the amount of time remaining until maturity.
Yield curve
A line graph showing the yields of fixed income securities from a single sector (such as Treasuries or municipals), but from a range of different maturities (typically three months to 30 years), at a single point in time (often at month-, quarter- or year-end). Maturities are plotted on the x-axis of the graph, and yields are plotted on the y-axis. The resulting line is a key bond market benchmark and a leading economic indicator.
Contact: Nicole Glenna
Nicole_Glenna@americancentury.com
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SOURCE American Century Investments
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