Investimental: Romanian investors diversify their exposure beyond Big Tech. Rotation to energy and industrials brings Dow Jones back to the forefront, and emerging markets can complement global allocations

Romanian investors are starting to recalibrate their portfolios in 2026, reducing their exposure to the US technology sector and moving towards sectors considered more stable, such as energy, industry and raw materials, according to an analysis by Investimental.

The company observes, on the Nova platform, a growing interest in instruments correlated with the real economy and for geographical diversification, amid high volatility and uncertainties regarding the evolution of inflation and interest rates in the US.

After two years dominated by the performances of Big Tech and the enthusiasm around Artificial Intelligence, the beginning of 2026 marks a visible rotation of capital towards traditional sectors of the economy at a global level. Record investments in Artificial Intelligence, estimated at approximately 500 billion dollars in 2026, raise questions about the sustainability of long-term profitability.

According to the latest FactSet report, the technology sector recorded a net margin of almost 30% in the last quarter of 2025, the second highest in the S&P 500 index, and estimates for 2026 indicate a profit growth rate of over 30%. In this context, the market debate mainly focuses on the sustainability of future margins, in an environment characterized by massive investments and accelerated competition for the development of Artificial General Intelligence (AGI).

At the same time, sectors linked to the real economy are benefiting from the rise in oil prices and the increased interest in assets considered defensive, such as gold. Energy, raw materials, industrials and essential consumer goods are recording the best developments since the beginning of the year, while technology is going through a period of consolidation.

For example, Xtrackers MSCI World Energy UCITS, a fund with assets of around 1.2 billion euros and predominant exposure to US oil companies, has recorded a return of almost 19% in euros and around 20% in dollars since the beginning of the year, a development supported also by the appreciation of oil prices by over 12%.

The current rotation favors the energy, natural resources and industrials sectors, which have a high structural weight in many emerging markets. From this perspective, they can function as a natural extension of the exposure to the traditional US economy.

For Romanian investors, diversifying exposure, whether through sector or regional ETFs, is a natural evolution, in a context in which excessive focus on a single growth engine, such as US technology, entails additional risks.

“As uncertainties regarding the inflation trajectory, the direction of interest rates and changes in US monetary policy increase, investors tend to reduce exposure to segments perceived as overvalued and favor companies with more stable cash flows. Diversification remains essential in a volatile environment. We observe a growing interest in more balanced allocations, which combine the traditional American economy with selective exposures to emerging markets,” says Vivien Ciuhan, Investment Analyst.

Historically, in periods marked by uncertainty and increased risk aversion, the Dow Jones has performed relatively better than technology-focused indices. Between 2000 and 2007, the Dow hit new all-time highs, while the Nasdaq 100 remained well below its 2000 peak.

The index’s structure, which is skewed toward mature companies in industrials, financials, healthcare, and energy, but also includes established technology, makes it less dependent on the tech sector’s expanding multiples. In 2026, appreciation in energy and industrials will support the index’s advance.

In parallel, emerging markets are returning to investor attention amid monetary easing by the Federal Reserve and a weakening dollar.

Goldman Sachs estimates indicate a total return of over 15% for emerging markets by 2026, supported by the resilience of China’s exports and the weakening dollar. At the same time, currency volatility and interest rate dynamics remain relevant variables for this asset class.

In an environment where the inflation trajectory, the direction of interest rates and geopolitical developments continue to generate uncertainty, the rotation of capital between sectors and regions reflects a stage of resettlement in global markets, with an emphasis on diversification and reducing excessive concentration.

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About Investimental

Investimental is the first broker authorized by ASF for stock transactions on the BVB in the last 16 years, offering access to both the local and international stock exchanges (US and EU). The project is developed by a team with extensive experience in financial services and aims to connect the investment market with those who want to get more from their money through modern and intuitive solutions.

Investimental created InvestiMentor, an educational program designed to provide learning and development opportunities for investors of all experience levels.