Asset Allocation

Asset Allocation, Monthly Coffee Break

Fundamental support for our constructive view

In October, we turned more constructive based on our analysis of the market configuration. This month, fundamental support provides further reasons to maintain this stance.
Absolute Return, Asset Allocation, Johann Mauchand, Research Paper, Steeve Brument

Smile! CTA convexity is not lost…

If the smile measures how the portfolio value reacts to changes in the underlying markets, then maybe we should measure the smiles – and this is what our investment team has been doing.
Asset Allocation, Monthly Coffee Break

Waiting for pivot

Short-term interest rates have been rising around the world over the past year as central banks attempt to fight inflation.
Asset Allocation, Macro, Nadège Dufossé, Thibaud Marie-Regnault, Video

Overloaded by the sheer number of forecasts at the moment?

Despite this wealth of information – or perhaps because of too much information? – maybe you are still uncertain.  We can help you organize and develop your views, in a 20-minute video. Our economists and strategists will try to clarify the economic and financial risks.
Asset Allocation, Olivier Clapt, Research Paper

Illiquid investments – But how much?

As 2022 opened, we all thought of Covid, war, oil prices, transient inflation... What do you see on the horizon now? Wheat supply crisis? Quantitative tightening? Sustained inflation?
Asset Allocation, Monthly Coffee Break

Caution, hot

This year’s European summer heatwave and drought has the potential to worsen the current energy crisis, as river water levels have dropped significantly.
Asset Allocation, Nadège Dufossé, Outlook 2022

Prepare for landing

As we reach the halfway point in the year, global growth forecasts continue to be revised downwards and headwinds remain significant…
Asset Allocation, Monthly Coffee Break

Prepare for landing

The multiple shocks experienced so far in 2022 have led to a rare simultaneous decline in equity and bond values. As uncomfortably high inflation leads major central banks to tighten monetary policies, investors are preparing for the landing of the global economy.
Asset Allocation, Monthly Coffee Break

Tightening into the slowdown

The reasons for a prudent allocation have not changed in recent weeks: facing high inflation, central bank rhetoric and policy tools have triggered a tightening in financial conditions while the global economic slowdown is now well underway, as the war in Ukraine and Covid-related lockdowns in China weigh on confidence and activity.
Asset Allocation, Thibaut Dorlet

Chinese Equities: At the Rock Bottom?

As the COVID-19 pandemic weakened its mighty grip, China enjoyed a strong recovery, helped by developed economies’ consumption switch from services to manufacturing products, many of them coming from China.
Research Paper, Asset Allocation, Olivier Clapt

How should I determine my allocation to illiquids?

Distinctly different investments need a distinctly different approach… How can I ‘’do the math” and compare illiquid investments, such as real estate and private debt, with traditional asset classes such as equities and bonds?
Asset Allocation, Monthly Coffee Break

Accelerating towards the cycle end

Exiting the pandemic, entering the war and tightening monetary policies around the globe are acting together as a formidable business cycle accelerator.
Asset Allocation, Video, Anton Brender, Florence Pisani, Nadège Dufossé

Economic and financial outlook

As recently as the beginning of February, a total invasion still seemed unlikely. Since then, we have chosen to position for a potentially binary outcome, and have increased exposure to gold, the USD, the YEN, and the CHF, as well as to some commodities such as oil, while cutting our exposure to financials, reducing our equity exposure, and adding protection.
Asset Allocation, Monthly Coffee Break

Time is of the essence

The war in Ukraine has added new uncertainties for investors
Podcast, Fixed Income, Asset Allocation, Macro

Act now, strongly and together

On the heels of Covid-19 and the oil shock, financial markets experienced a third blow yesterday (12 March) with a major confidence crisis. Speeches from US President Donald Trump and ECB President Christine Lagarde have shaken investor confidence in the ability to lead a timely and bold approach worldwide.
Asset Allocation, Nadège Dufossé, Florence Pisani, Stefan Keller, Thibaud Marie-Regnault

Russia-Ukraine conflict: geopolitical minefield for markets

Following weeks of rising tensions between Russia and Ukraine, Russia’s President Vladimir Putin has recognised the independence of two Moscow-backed regions in the Donbas region in eastern Ukraine.
Asset Allocation, Thibaut Dorlet, Nadège Dufossé

Rotation rhymes with Inflation

Messages sent by the Fed regarding its interest rate lift off and balance sheet run off have conditioned performances since the beginning of the year.
Asset Allocation, Monthly Coffee Break

Volatile markets in a complex environment

Over the last month, the investment environment has been influenced by the consequences of the Omicron variant and by central banks adopting more hawkish rhetoric.
Asset Allocation, Macro, Highlighted, Nadège Dufossé, Outlook 2022

How can we consider inflation in 2022?

Many investors are wondering about inflation. Will the new year be characterised by the continuing rise in prices? How can inflation be taken into account in a diversified portfolio? Response in images with Nadège Dufossé, Global Head of Multi-Asset.
Asset Allocation, Highlighted, Macro, Outlook 2022, Vincent Hamelink

Outlook 2022: Gearing up for transformation

One year after the discovery of anti-Covid vaccines, financial markets have already left the pandemic behind. The economy has not.

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