‘Se cierra un año positivo para la inversión, pero el 2026 será retador local y externamente’
Mauricio Guzmán, head de estrategia de inversión de SURA Investments. Foto: Cortesía - A.P.I.
TL;DR
- Global investment returns were 'extraordinary' in 2025, surprising many despite economic and political challenges.
- US markets showed strong growth, while Europe, emerging Asia, and Japan exceeded 20% returns.
- Latin America saw significant gains, with Colombia's Colcap index achieving a remarkable 62% return.
- Colombia's strong performance was attributed to a low starting valuation, positive economic growth, and anticipation of a pro-market administration.
- The US dollar weakened unexpectedly due to concerns about Trump administration policies impacting US economic growth and fiscal position.
- For 2026, a scenario of positive growth is projected, though with potentially lower returns than in 2025.
- US Treasury bonds may face challenges due to relatively high inflation, limiting the Federal Reserve's action.
- Local political cycles, including elections, are expected to influence Colombian asset performance in 2026, with some pro-market expectations already priced in.