VanEck Outlines H2 2026 Strategy Targeting Semiconductors, Real Assets, and Digital Assets
VanEck has detailed its second-half 2026 market outlook, urging allocators to capitalize on market dispersion by positioning in AI infrastructure, dislocated private credit, and cyclical bottoms in gold and digital assets.
Global asset management firm VanEck has presented its portfolio positioning strategy for the second half of 2026, outlining tactical opportunities for institutional allocators navigating shifting macroeconomic conditions. During a market presentation on August 13, 2026, Patrick Schramm, Managing Director and Head of National Accounts at VanEck, emphasized that market concentration is giving way to asset dispersion. This rotation creates distinct entry points across artificial intelligence infrastructure, real assets, alternative credit, and digital store-of-value assets.
Schramm highlighted that capital expenditure projections among technology hyperscalers have surged from approximately $500 billion entering 2025 to over $700 billion in mid-2026, with sell-side consensus approaching $1 trillion within the next year. As the technology sector transitions from early infrastructure construction to broader enterprise adoption, VanEck maintains that investors should remain deployed in semiconductor equities despite recent price volatility.
Artificial Intelligence Buildout and Energy Infrastructure Bottlenecks
Addressing recent corrections in technology valuations, VanEck noted that semiconductor pullbacks in the mid-teens to twenty percent range have historically preceded strong forward twelve-month returns during non-recessionary periods. To capture this momentum across different risk profiles, the firm highlighted targeted strategies including the VanEck Semiconductor ETF for broad value-chain exposure, the VanEck Fabless Semiconductor ETF for research-heavy design firms, and the newly introduced VanEck China Semiconductor ETF to access domestic open-source developments.
Simultaneously, the rapid expansion of artificial intelligence data centers has placed severe demands on global electricity grids, creating a primary structural bottleneck. Global power demand is projected to double by 2050, requiring extensive grid modernization and physical supply chain buildouts. VanEck recommended addressing this demand through real-asset strategies like the VanEck Real Assets ETF, which allocates across commodities, master limited partnerships, and infrastructure equities, alongside the VanEck Data Center Supply Chain ETF to capture physical power and nuclear equipment providers.
Valuation Dislocation in Private Credit and Cyclical Bottoms in Gold and Bitcoin
In credit and alternative markets, VanEck identified a significant pricing disconnect between retail investor sentiment and underlying fundamental health. Flow-driven retail redemptions have pushed publicly listed Business Development Companies and listed alternative asset managers to steep discounts relative to their net asset values. However, nonaccrual rates remain well below historical averages and fee-related earnings continue to compound. VanEck pointed to vehicles like the VanEck BDC Income ETF and the VanEck Alternative Asset Manager ETF as liquid entry points to capture these discounted yield opportunities.
In macro hedges, VanEck reported that gold’s recent price consolidation represents a normal pause within an active structural bull market supported by central bank accumulation, widening fiscal deficits, and persistent inflation. The firm pointed to equity exposure through the VanEck Gold Miners ETF and physical holdings via the VanEck Merk Gold ETF. Meanwhile, Bitcoin appears to be approaching a cyclical bottom following its post-halving consolidation from peak levels of $125,000 down to the low $60,000s, presenting scaling opportunities through spot products like the VanEck Bitcoin ETF and the active VanEck Onchain Economy ETF.
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