3 under-the-radar ASX calls for 2026

As part of Livewire's 2026 Outlook Series, we asked our readers for their market predictions for the upcoming year. 

It offers a useful insight into how regular investors think markets may play out in 2026, what they're watching and where sentiment is strongest. 

The results are interesting, if unsurprising. Regular investors see Materials as the ASX sector likely to deliver the best returns in 2026, think Aussie small caps are the asset class offering the best opportunity, and think CSL represents the best contrarian bet in the year to come. 

But how are the fundies seeing it? We asked Antares' Head of Equities Nick Pashias for his under-the-radar calls on the sectors, stocks and contrarian bets he's watching closely in 2026. 

The ASX sector to keep an eye on

Materials is the sector most-tipped to deliver the best ASX returns in 2026, according to our readers - what’s another sector investors should be keeping an eye on and why?

We are looking closely at opportunities in the industrial sector; it's an eclectic group of stocks in the Australian market, so let me explain what we are looking for and why. 

The commodity price rises we are seeing will, at some stage, incentivise more production - it always does - which will require a higher level of capex and operating expense, given the perpetual decline in resource quality and grade. At some stage, we will see the order books for some of the “pick and shovel” providers to these industries swell, meaning companies that supply goods (e.g. explosives) and services (e.g. electrical, cleaning, etc) to the mining companies.

If we can find an operator that is also geared to providing services to the Data Centre boom, that would be the sweet spot – provided the price is reasonable.

The asset class offering big opportunity

Australian small caps is the asset class most-tipped as the best opportunity in 2026 by our readers - what’s another asset class or area of the market that could offer a great opportunity in 2026?

Beyond Australian small caps, we see growing opportunity in real or “hard” assets relative to financial or “soft” assets. Elevated global debt levels, rising geopolitical risk, and the re-emergence of tariffs and currency tensions are reshaping capital allocation decisions. 

In this environment, assets with tangible backing and pricing power become more attractive. Gold and commodities are the early beneficiaries of this shift, but we think the opportunity set will broaden over time to include other real assets that offer inflation protection, scarcity value, or strategic importance. 

As this theme evolves, we are actively assessing where exposure can be added ahead of wider market recognition.

Two contrarian ASX bets 

Long CSL was the most popular contrarian bet amongst our readers - what's your contrarian bet for 2026?

Two that spring to mind are Treasury Wine Estates (ASX: TWE) and IDP Education (ASX: IEL); both are operating in extremely challenging industry conditions, and sentiment is deeply negative. 

The macro and regulatory backdrop has overwhelmed long-term fundamentals, and near-term earnings uncertainty has left the market unwilling to look beyond the next reporting period. 

Both are, however, global businesses that are well recognised in their industry with great brands, distribution and networks. Both companies are trading well below their previous peaks (down ~65% and 85% respectively). 

Given the uncertainty, these don’t warrant large positions at this stage but are worth keeping an eye on should some of the issues they are facing subside.