Private wealth investors are taking a more disciplined and opportunity-driven approach to asset allocation in 2026, according to Metropolitan Bank & Trust Co. (Metrobank).
High-net-worth and ultra-high-net-worth clients are moving away from broad market positioning and are becoming more selective in choosing investments. Metrobank said investors are focusing on areas where risks are seen to offer better returns, with growing interest in Asia and emerging markets. These regions are viewed as having better valuations and stronger earnings potential compared with developed markets, which continue to face policy uncertainty and high expectations.
“Investors are no longer simply chasing returns. They are being far more selective about how and where capital is deployed,” said Ma. Cristina Gabaldon, head of Investment Management at Metrobank. “This has led to more differentiated portfolios that reflect both opportunity and caution.”
Equities remain the main growth driver for medium-risk private wealth portfolios, with investors maintaining higher allocations compared with fixed income. Many are gaining exposure through exchange-traded funds that provide access to global and regional equities, particularly in Asia. Structural trends such as semiconductor companies benefiting from artificial intelligence (AI) continue to attract investor interest.
Investors are also adding select fixed-income investments through active mutual funds to help stabilize portfolios. These funds provide access to global credit, professional duration management, and agency-backed securities. Fixed income is viewed as a stabilizing component as markets remain volatile and interest rates may become more supportive later in the year.
Alternative assets are gaining a larger role in portfolios. Metrobank said allocations to commodities such as gold and silver are increasing as investors use them as protection against geopolitical risks and currency movements.
Interest in digital assets is also growing, particularly among younger ultra-high-net-worth investors. Cryptocurrencies and related products are being used mainly as tactical investments to complement traditional assets. Demand for private equity, real estate, and hedge funds remains limited due to higher financing costs.
“This shift reflects a more mature investment mindset,” Gabaldon said. “Private wealth investors are building portfolios that are not just positioned for upside, but are also designed to navigate uncertainty in a more fragmented global market.”