Six investors reveal the biggest market risks — and one strategy they agree on

Traders work on the floor of the New York Stock Exchange (NYSE) in New York on July 23, 2026. It has been a volatile year for global markets, rewarding some trades while punishing others. CNBC asked six investors about the biggest risks they see and how they are positioning portfolios in response. Despite differing views on the biggest threat to markets, the investors repeatedly returned to the same response: diversify beyond this year's biggest winners. Chris Rush, investment manager at IBOSS, said the biggest risk investors face is being too concentrated in past winners, especially given the large proportion of U.S. equities in global portfolios. He noted that U.S. exceptionalism is fading and rising debt levels among the Magnificent Seven add to risks. Rush’s team is diversifying into real estate investment trusts, U.K. equities, Asian and emerging market stocks, and China, which has performed well during recent pullbacks. Ben Kumar, head of strategy for wealth, investment, and public policy at 7IM, emphasized managing specific volatility rather than overall market volatility. He highlighted the challenges of being too exposed to any single theme, sector, or style. Kumar advised diversification across sectors and regions, warning against overconcentration in winners. He also noted that energy and IT stocks have been volatile this year. Ben Seager-Scott, chief investment officer at Forvis Mazars, pointed to the Iran war and strong U.S. corporate earnings as forces pulling markets in opposite directions. He advised reducing equity risk exposure and rotating out of mega-cap technology names into ordinary U.S. stocks. Seager-Scott also warned about potential complacency around Middle East events, inflation, and AI trade shifts. Charlie Ambler, co-chief investment officer at Saltus, identified a policy bind around interest rates as the biggest risk. He cautioned that central banks struggle to control inflation while managing an AI-driven economic buildout. Ambler’s team broadened exposures across equities, fixed income, and alternatives, focusing on assets with returns independent of equity and bond markets. Steve Brice, global chief investment officer at Standard Chartered, warned about cyclical risks from disrupting the global AI boom and structural risks in fiscal policy and inflation. He advised against a barbell approach—heavily investing in growth areas while holding excessive cash—and instead recommended diversifying portfolios with allocations to bonds, gold, and other alternatives. Billy Leung, an investment strategist at Global X ETFs, highlighted two live risk debates: the unresolved Strait of Hormuz situation and the long-term risks of AI capex. He noted that equity investors are not particularly defensive despite volatility and that implied volatility is low. Leung suggested that AI capital spending durability could force a sector rotation, moving capital from infrastructure plays to names with nearer-term monetization.