Nadège Dufossé, Florence Pisani, Asset Allocation, Macro, Aktien, Anleihen, Outlook 2023

Candriam's Ausblick 2023

Das neue Schuljahr beginnt und es ist Zeit für Investitionsentscheidungen... Werden die USA in eine Rezession fallen?
Nadège Dufossé, Thibaut Dorlet, Thibaud Marie-Regnault, Asset Allocation, Macro, Aktien, Anleihen, Outlook 2023

Candriam's Halbjahresausblick

Da wir uns der Jahresmitte nähern, scheint es, dass die Rezession auf beiden Seiten des Atlantiks abgewendet werden kann, doch die Wachstumsprognosen bleiben schwach...
Nadège Dufossé, Outlook 2023

The next measure? Allegro moderato!

The impacts of the pandemic and the war in Ukraine have interrupted the positive performance trajectory of a diversified allocation, penalising both equity and bond markets. While markets are likely to remain highly dependent, in the short term, on changes in economic data (inflation and growth), we believe that investors can once again rely on attractive yields for a longer investment horizon with greater peace of mind.
Outlook 2023, David Czupryna, Bastien Dublanc

Accelerando: the tempo accelerates towards a Circular Economy

More and stronger forces are accelerating the move to a Circular Economy. For example, geopolitical tensions remind us that raw material security is at stake. Most importantly, Circularity is nothing short of a requirement to meet, or even approach, carbon emission goals. Accelerando!
Outlook 2023, Céline Deroux, Lucia Meloni

Sustainable Bonds: one step back, two steps forward

Allegro… ma non troppo. Geopolitical tensions and the potential energy supply shock raised questions about the energy transition path. Company investment in clean technologies could be delayed by higher costs and interest rates, but energy transition is still on the agenda. The current environment can be an opportunity to accelerate toward Net Zero, through investing in sustainable bonds – but selectivity is key!
Outlook 2023, Philippe Noyard

Die Zinsfuge: Die Anleiherenditen sind wieder da, aber ist noch alles beim Alten?

Die Anleiherenditen sind zurück, aber mit einem Unterschied. In einer Fuge wiederholt sich das Thema. Wenn steigende Zinssätze ein Thema sind, das die Märkte schon einmal gesehen haben, so könnte das steigende Tempo dieses Themas diesmal den Klang völlig verändern. Hören Sie genau hin, die Selektivität ist das A und O.
Outlook 2023, Vivek Dhawan

Are India’s stars finally aligning?

Last year India became the fifth largest economy in the world and the country’s GDP exceeded USD 3 trillion. In 2022 and 2023, India is the only major economy expected to deliver a robust real GDP growth of about 7%, accounting for about 22% of global growth. Is India at the cusp of delivering long term sustainable growth and how can investors participate?
Alix Chosson, Outlook 2023

A "Slow Funeral March" for the Fossil Fuel Era

The Russian aggression against Ukraine not only killed tens of thousands and destroyed many towns, power plants and damaged grain production and trade. An unintended consequence of Putin’s actions has been an acceleration Europe’s energy transition. What better way to illustrate our interview with Alix Chosson, Lead ESG Analyst, Environmental Research & Investments, but with a funeral march from Wagner’s Götterdämmerung to mark the slow death of fossil fuels.
Outlook 2023, Maïa Ferrand, Jean-Gabriel Nicolay

Multi-management: how can several voices sing in harmony?

In The Marriage of Figaro's Act III sextet, six voices reach harmony while singing their individual part. We find a parallel with the multi-manager’s mandate: aiming to select the best performers in each category, knowing each fund inside out including the conditions in which they may perform best, and building a unique portfolio seeking to deliver alpha in any given market regime.
Outlook 2023, Kroum Sourov

Swan Lake. Full of Grey.

Exotic, almost magical and full of promise at first glance, investing in sovereign debt is often full of hidden depths and unexpected risks, just like Tchaikovsky’s Swan Lake.
Outlook 2023

Real estate is like opera

The late, great Stephen Sondheim was, perhaps, the greatest figure in 20th century musical theatre. He once said the ‘art is, in itself, an attempt to make order out of chaos’. The greatest operatic composers lived in dramatic times. Puccini composed during the Italian wars of reunification. 
Outlook 2023, Emmanuel Terraz

Absolute return and decorrelation: the many instruments in an orchestra

Market turmoil can benefit certain types of absolute return strategies, just when the other instruments are out of tune. High volatility, rising rates, and increasing correlation among asset classes demonstrate why an orchestra employs a full range of instruments.
Outlook 2023, Vincent Compiègne

Private Debt & ESG: small companies, big (data) challenge

ESG data – its availability, relevance and comparability - is at the center of a wide industry debate which is even more lively for private markets. We discuss three ways to deal with this issue, and reemphasize the central role of due diligence in the ESG analysis process.
Outlook 2023, Maïa Ferrand, Jean-Gabriel Nicolay

Impact: to create real and quantifiable impact, what else than investing with soul?

​What differentiates good music from excellent music? Maybe not the talent or the technique of each individual musician, but the soul that emanates from the ensemble. In our approach to impact investing, purpose and intention are primary. We invest with the aim to bring positive change in environmental and social areas. And we make sure our results are real.
Outlook 2023, Christian Solé

Europe Small Caps: they say history never repeats itself. But doesn’t it often rhyme?

In the past, small caps have tended to rebound strongly after inflation peaks. Small caps’ intrinsic qualities – agility, strong pricing power –, supplemented by careful selection by an experienced team, may allow them to stand out from the crowd once again in the near future, like a bright and powerful clarinet sound can take us almost by surprise.
Outlook 2023, Rudi Van Den Eynde

Building a New World: Thematic Investments

In the United States Antonín Dvořák composed the New World Symphony in 1893 and Neil Armstrong took it on a cassette to the moon. Rudi Van den Eynde takes it global, presenting us a New World of long-term trends.
Outlook 2023, Johann Mauchand, Steeve Brument, CTA

CTA's: "Ride of the Valkyries"

Hard landing or soft? From Draghi’s ‘’Whatever it takes” to Powell’s “Whatever it costs”, we know the markets are ready for exciting times. CTAs aim to face the next swing, whether it be hard landing or soft.
Nicolas Forest, Outlook 2023

The "Ball" of the Central Banks: no false steps thus far

As 2022 draws to a close, we ponder the lessons from this year of rate increases. While the Fed may have accomplished its mission, Eurozone inflation remains high and the ECB has limited room for manoeuvre. Its footwork must be precise in the face of major risks, in particular a misstep which could destabilise the financial system.
Outlook 2023, Vincent Hamelink

A better starting point for investors

When investors thought at the end of 2021 that the shock of the Covid-19 pandemic could be left behind, few expected the outbreak of war in Europe just weeks later.


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