The Capital Group's "2026 Fixed Income Outlook Survey" research shows that asset owners are increasing their fixed income allocations to restructure their portfolios, with a focus on diversification, geographical rebalancing, and flexibility to address macroeconomic uncertainties and rising stock market risks. Manusha Samaraweera, Fixed Income Investment Director at Capital Group, stated that in the current uncertain market environment, fixed income instruments have become a core component for stabilizing investment portfolios. Investors are increasingly emphasizing geographical diversification and portfolio flexibility, with investors in the EMEA and Asia Pacific regions particularly active in order to reduce concentration risks. The Capital Group's "2026 Fixed Income Outlook Survey" surveyed 300 senior investment experts in the Asia Pacific (APAC), Europe and Middle East (EMEA), and North America regions, analyzing asset owners' investment strategies for fixed income over the next 12 to 24 months. The research found that most asset owners plan to first adjust the proportion of credit investments in their portfolios (72% of respondents) and increase geographical diversification (67% of respondents) in the next 12 months. 66% of asset owners indicated that they will prioritize adjusting their investment strategies to enhance portfolio flexibility, with the most common practice being to increase the upper limit for tactical asset allocation. 46% of asset owners are increasing the proportion of active management in their fixed income investments, while only 5% plan to reduce active management, highlighting a significant increase in the importance of flexibility for investors. In the next 12 months, the allocation of liquid fixed income is on the rise, with 31% of respondents planning to increase allocation (compared to 25% in 2025); 20% of respondents plan to decrease allocation (compared to 25% in 2025); the main driving factors include diversifying stock risks (61%) and taking a defensive positioning (59%). In terms of bond categories, asset owners' demand for investment-grade corporate credit (31% of respondents) and emerging market bonds (30% of respondents) continues to rise, both exceeding the levels in 2025. Investors planning to increase their allocation to emerging market bonds have nearly doubled from last year (30% compared to 16%), driven by the expected benefits of diversified investments and yield premiums. More asset owners plan to increase their allocation to investment-grade bonds in Europe (32% of respondents) and Asia-Pacific (36% of respondents) in the next 12 months, higher than the proportion of asset owners planning to increase their allocation to investment-grade bonds in the United States (20%), reversing last year's trend. Private credit remains the most favored sector for increased credit allocation, with 34% of respondents planning to increase their investment allocation in the next 12 months. Stephanie Chan, Head of Client Business in Hong Kong and Greater China at Capital Group, stated that investors are turning to fixed income instruments and regaining interest in investment-grade credit bonds and emerging market bonds. In uncertain market conditions, adopting a globally diversified and actively managed fixed income investment strategy is beneficial for maintaining flexibility.