TOL - 16th Dec, 2025
Bell Potter's top stock picks for 2026
Bell Potter's analysts share their best ASX ideas for 2026.
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Global markets endured a wild ride in 2025, with the acceleration and deceleration of geopolitical tensions shifting investor sentiment throughout the year. Despite this, equity markets are set to close out the year in the green, supported by strong fundamentals and optimism around the benefits of AI adoption across businesses.
Returns were driven by both multiple expansion and earnings growth, with the latter doing more of the heavy lifting over the year. Emerging markets (EM) was the standout performer of 2025, benefiting from multiple tailwinds including strong earnings growth, weaker US$ and improved regulatory conditions for investors.
Our local benchmark lagged global peers throughout the year, as valuations across index-heavy major banks fizzled and expectations of further interest rate cuts dwindled towards the end of the year.
Sector performance
Growth was one of the winners of 2025, as investors embraced into the AI thematic with beneficiaries emerging along the value chain, including semiconductor manufacturers (Nvidia, Broadcom and AMD), hyperscalers (Amazon, Microsoft and Alphabet) and chipmakers (TSMC, Qualcomm and SK Hynix). Value kept up with growth as returns broadened out and value benefited from tariff induced volatility in April.
Domestically the picture was not as positive, with both technology and healthcare sectors capping performance for the year. In the case of technology, this was driven by valuation related concerns after a sustained period of trading at elevated multiples. After a period of underperformance, the resources sector was the notable outperformer for the year, supported by rising price in key commodities including gold, copper and lithium.
Bell Potter analysts' top picks for 2026
As 2026 draws to a close, our analysts have compiled their highest conviction stock picks for the year ahead.
The report attached to this wire includes our analysts' views on the outlook across eleven sectors and their top picks in each sector.
Click on the button below to download the report.
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Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.
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Stockbroker
Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.
Expertise
Stockbroker
Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to a diversified client base that includes individuals, institutions and corporations.
Expertise
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