PRIVATE wealth investors are entering 2026 with a more disciplined and opportunity-driven approach toward asset allocation, Metropolitan Bank & Trust Co. (Metrobank) said on Tuesday.
“Investors are no longer simply chasing returns, they are being far more selective about how and where capital is deployed,” Metrobank investment management head Ma. Cristina Gabaldon said.
“This has led to more differentiated portfolios that reflect both opportunity and caution,” she added.
The bank said that high-net-worth and ultra-high-net-worth clients were becoming more focused on identifying areas where risk was best rewarded rather than broad market positioning.
Portfolios are being anchored on equities for growth, supported by selective fixed income, and complemented by alternative assets to strengthen risk management.
“This shift reflects a more mature investment mindset. 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,” Gabaldon said.
Metrobank said it had observed a shift toward Asia and emerging markets, where valuations remain more compelling and earnings prospects appear more resilient compared with developed markets that continue to face policy uncertainty and elevated expectations.
Equities, meanwhile, remain the primary growth driver for medium-risk private wealth portfolios, as investors continue to maintain overweight positions relative to fixed income.
Metrobank noted that equity exposure was increasingly being accessed through exchange-traded funds (ETFs) providing global and regional allocations.
Moreover, structural themes such as semiconductor companies benefiting from artificial intelligence and more attractive valuations are among the key drivers of investor interest.
At the same time, investors are selectively adding fixed-income exposure to enhance portfolio resilience through actively managed mutual funds, which offer global credit exposure, duration management expertise, and access to agency-backed securities and other specialized segments.
Alternative assets are also playing a growing role in portfolio construction as Metrobank has seen increased allocations to commodities such as gold and silver, which are being used as strategic hedges against geopolitical risks and currency volatility.
These exposures are commonly accessed through ETFs, allowing investors to balance protection and liquidity. Interest in digital assets is likewise evolving, particularly among younger and more investment-savvy ultra-high-net-worth clients.
While still largely tactical, cryptocurrencies and related products are also increasingly being used to complement traditional assets and provide additional diversification.
In contrast, appetite for private equity, real estate, and hedge funds remains subdued, as higher financing costs continue to dampen sentiment toward less liquid investments, the bank said.
