Asset Allocation

Asset Allocation, Monthly Coffee Break

Could fiscal aid mitigate the impact of the energy crisis on European equities?

While inflation continues to surprise to the upside, growth dynamics have turned and continue to decelerate. Growth concerns are mainly affecting Europe, as energy prices remain an important inflation driver, while central banks are stepping up their tightening. The negative impact of the energy crisis could be mitigated, as countries are stepping up fiscal aid. Overall, we expect stronger downwards profit revisions in Europe than in the US, as the European equity market is more pro-cyclical, and we confirm our underweight stance on EMU equities. We also maintain a preference for US duration exposure over European, within an overall neutral portfolio duration.
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.
Research Paper, Asset Allocation, Steeve Brument

Interest rates go up

After several decades of riding a government bonds bull market, investors are now looking for alternative drivers of return. Commodity Trading Advisor (CTA) strategies, with their ability to make gains in rising, as well as falling markets, have historically been able to improve risk-adjusted returns when introduced to a balanced portfolio. However, a question that investors can legitimately ask today is how are CTAs impacted by rising interest rates?
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.
Asset Allocation, Steeve Brument

Going with the trend

Discover what CTAs can do in this age of low interest rates… And how they do it

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