As we head into 2026, investors once again face a world full of moving parts. Markets showed remarkable resilience in 2025, but uncertainty remains high. Inflation remains elevated in some countries, while interest rates are still settling and are expected to fall further in 2026. Geopolitical tensions persist, and elections across several major economies could add further volatility.
It might sound daunting, but periods of uncertainty often create some of the best opportunities for long-term investors. Trying to second-guess short-term market moves rarely pays off. Instead, making sure your portfolio is well balanced, across different regions, sectors, and asset types, can help smooth the ride through whatever comes next.
Market concentration has also remained a growing theme. A small number of large US companies have driven much of the market’s recent gains. While these firms have delivered impressive results and they still can if revenues continue to grow, it’s important to remember that diversification remains key. A broader approach can help reduce risk and uncover opportunities that may be overlooked elsewhere.
Here we highlight five shares covering a range of areas we think could be worth considering for the year ahead and beyond. Together they demonstrate that even in uncertain times, there are plenty of places to invest for the long term, and by this we mean at least five years.
This article isn’t personal advice. If you’re not sure an investment is right for you, seek advice. Investments and any income from them will rise and fall in value, so you could get back less than you invest. Past performance is not a guide to the future. Ratios also shouldn’t be looked at on their own.
Investing in an individual company isn’t right for everyone because if that company fails, you could lose your whole investment. If you cannot afford this, investing in a single company might not be right for you. You should make sure you understand the companies you’re investing in and their specific risks. You should also make sure any shares you own are part of a diversified portfolio.
Intuitive Surgical
Intuitive Surgical is the market leader in the complex field of robotic surgery. Its Da Vinci systems offer compelling benefits to both healthcare providers and patients.
That’s helped power average revenue growth of 14.6% over the last decade with only one down year when health systems buckled due to COVID-19. The technology leans into trends like an ageing population and a drive for greater efficiency in the medical profession.
A huge addressable market and increasing usage of the growing installed base of systems, provide optimism for continued growth, as does the timetable of product rollouts. The company was an early adopter of artificial intelligence (AI) and here we see further scope for monetisation.
Emerging competition is a risk to monitor, but it’s proving difficult to knock Intuitive off its perch. Asia’s a significant market but so far, the impact of Chinese tariffs hasn’t derailed Intuitive from its growth trajectory.
Robust profit margins and high levels of recurring revenue (around 76%) provide a strong platform to build from.
Installed base and recurring revenues
Improving momentum has seen sentiment strengthen significantly and we still see further upside from these levels. Management has a strong record of over delivering but mustn’t take its foot off the gas or the premium valuation will come under pressure.
Marks & Spencer
Marks & Spencer (M&S) makes its way onto our list to watch after a difficult 2025. A cyber-attack back in April hamstrung performance and crippled online sales in its Fashion, Home & Beauty (FH&B) division, driving a sharp decline in first-half profits.
Operations are set to return to full flow by March, sparking hopes that second-half profits can rebound above last year’s level. The cyber-incident also looks to have sharpened management’s focus on operational and strategic improvements, and we’re optimistic that the group can bounce back stronger.
M&S Operating Profit
Underlying trends in the business remain positive, with both Food and FH&B continuing to capture market share from the competition, thanks to its obsessive focus on quality, value, and service.
FH&B is where we see the biggest opportunity. The online journey and margins simply aren’t as good as the competition. Big investments are being made to fix this, and if successful, could deliver a strong uplift in profitability.
With expectations reset, we think the worst is now behind M&S. Sitting at a discount to peers, the valuation offers attractive upside in our view. But competition is fierce, and M&S needs to nail its execution to deliver the expected improvements.
Novo Nordisk
Novo Nordisk, the European poster child for the ongoing revolution in diabetes and obesity treatment had a bad 2025. Against a backdrop of supply chain challenges, intense competition, and pressure on pricing we’ve seen four profit warnings. That’s driven revenue forecasts into single digit territory, a far cry from the blistering growth investors have become accustomed to and sentiment’s been crushed.
Novo Nordisk financial performance
The improved yield offers scant consolation for those nursing heavy capital losses. However, we still see enormous opportunities in a market that for now remains a two-horse race. It should be remembered that yields are not a reliable indicator of future income.
While rival Eli Lilly has been gaining the high ground, Novo’s track record of product development and recent investments in manufacturing capability give us grounds for optimism. But with regulatory approvals still outstanding there can be no guarantee.
Better enforcement of a US ban on illegal copies, and a successful launch of Novo’s oral version of its weight loss treatment in the United States, are two potential drivers for an upgraded outlook.
We think there’s meaningful upside on offer if the new CEO can meet or beat rebased expectations. But until the company regains investors’ trust some volatility can be expected.
Nvidia
After a strong 2025, Nvidia is back in our 5 to watch selections for another year. We know this call will raise a few eyebrows given the hype around AI. And we concede that there are many players in the space which are commanding valuations that are not sufficiently backed by fundamentals, riding a momentum wave that may not continue. But we still see some compelling companies in the sector - and Nvidia tops that list.
It might seem like the company’s best days are behind, after becoming the first $5trn company. We don’t think so. Demand for its AI chips is huge, with $500bn in orders already booked through to the end of 2026. The AI buildout is showing no signs of slowing.
Big tech CEOs are racing to win in AI, and Nvidia remains central to that effort. Yes, competition is growing, and some key buyers are trying to diversify supply, but rivals are still unproven at scale. Nvidia’s leadership and pace of innovation are hard to match.
This isn’t a speculative name – It’s expected to generate over $200bn of revenue this year. In fact, when we factor in expected profit growth, it’s one of the more reasonably priced big tech names in the market.
PEG ratios of Nvidia vs other tech companies
We still believe that Nvidia is a best-in-class outfit and one of the most attractive ways to gain exposure to the AI theme. But a word of caution – if sentiment is spooked and interest in AI slows, no names in the sector will be immune, and Nvidia’s share price will likely be affected – so maintaining a diversified portfolio is essential.
One or more of the authors and/or connected parties hold shares in Nvidia.
RELX
We’ve liked RELX for a while, and the drop in valuation over the past 6 months means we see some upside potential if the business continues on its current growth trajectory.
The company provides data analytics to insurers, law firms, and academics. Its edge lies in proprietary data and smart tools that help clients make better decisions. Digital products, which have the most potential, now make up 84% of revenue.
Analytics is also a steady business, less tied to economic ups and downs. Over half of RELX’s revenue comes from subscriptions, giving it reliable cash flows. The Exhibitions arm is evolving too, with more digital activity and better margins.
There have been question marks around whether AI will benefit or hinder the business. We think these fears are overdone and see scope in several areas for AI to be a growth catalyst. New products are already rolling out and showing good promise.
Earnings are high quality, backed by strong cash generation. The balance sheet has improved, allowing more returns to shareholders - with a modest dividend and improving buyback although this is not guaranteed.
Cash flow as a percentage of profit
RELX has plenty of opportunities to grow earnings, supported by a quality business and we see scope for sentiment to recover. Executing new product launches and emerging competition are two key risks to monitor.
Interested in investing in funds? Find out what our expert Fund Research Team are watching with our 5 Funds to watch in 2026.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.
