Key Takeaways
- • David Druley, CEO of Cambridge Associates, expects global growth to trend slightly below trend in 2026, consistent with the broader consensus outlook.
- • Druley is optimistic on investment opportunities but warns that some investors are overconcentrated in certain markets.
- • Cambridge Associates suggests investors look to small- and mid-cap equities rather than expensive trades.
- • Cambridge's 2026 outlook cites the World Trade Organization projection that global merchandise volume growth will slow to 0.5% in 2026, a significant downside risk to its public equity views.
- • Cambridge advises investors to remain underweight the US dollar despite acknowledging a possible USD rally at some point in 2026.
Summary
David Druley, CEO of Cambridge Associates, told CNBC that global growth will likely trend lower in 2026. The firm's published outlook expects global growth to be slightly below trend, in line with the consensus view, and frames its investment positioning around that expectation.
Druley struck an optimistic tone on investment opportunities but cautioned that some investors have become overconcentrated in particular markets. He suggested that investors look to small- and mid-cap companies rather than pursuing expensive trades, a theme consistent with the firm's "Finding Value Amid the Hype" framing of its 2026 outlook.
Cambridge's public equity views flag downside risk from slowing trade. The firm cites a World Trade Organization projection that global merchandise volume growth will slow to just 0.5% in 2026. In its portfolio-wide views, Cambridge also acknowledges the likelihood of a US dollar rally at some point during the year but recommends that investors remain underweight the dollar.
Cambridge's diversifier outlook recommends a disciplined, diversified approach across hedge funds, real assets, and California Carbon Allowances to help investors navigate the year. In private equity and venture capital, the firm points to a thriving seed ecosystem, with more than 5,000 seed-stage rounds each year since 2022.
The Cambridge commentary is a publisher-provided outlook and reflects the firm's own house views rather than a forecast from an independent body.
Druley struck an optimistic tone on investment opportunities but cautioned that some investors have become overconcentrated in particular markets. He suggested that investors look to small- and mid-cap companies rather than pursuing expensive trades, a theme consistent with the firm's "Finding Value Amid the Hype" framing of its 2026 outlook.
Cambridge's public equity views flag downside risk from slowing trade. The firm cites a World Trade Organization projection that global merchandise volume growth will slow to just 0.5% in 2026. In its portfolio-wide views, Cambridge also acknowledges the likelihood of a US dollar rally at some point during the year but recommends that investors remain underweight the dollar.
Cambridge's diversifier outlook recommends a disciplined, diversified approach across hedge funds, real assets, and California Carbon Allowances to help investors navigate the year. In private equity and venture capital, the firm points to a thriving seed ecosystem, with more than 5,000 seed-stage rounds each year since 2022.
The Cambridge commentary is a publisher-provided outlook and reflects the firm's own house views rather than a forecast from an independent body.
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