Asset Allocation

Monthly Coffee Break, Asset Allocation


The global outlook for 2024 is complex, marked by the dual forces of economic resilience and evolving challenges. In the United States, robust growth throughout 2023, culminating in a 3.3% annualised expansion rate in Q4, sets a compelling precedent.
Asset Allocation, Nadège Dufossé

2024 seeks direction

Following the strong rebound in financial markets in November and December of 2023, the assets most closely correlated with interest rates have partially retraced their exceptional end-of-year performance.
Asset Allocation

Dry January

As financial assets performed particularly well in the final part of last year, our portfolios are now positioned to weather a consolidation phase.
Asset Allocation

Rising uncertainty

Our asset allocation has turned more cautious as several risks have started to materialise.
Nadège Dufossé, Florence Pisani, Asset Allocation, Macro, Equities, Fixed Income, Outlook 2023

Candriam’s Outlook 2023

It's back-to-school time, and time for investment decisions... Will the US fall into recession?
Asset Allocation

The landing has started

One and a half years after the US Federal Reserve bank began its tightening course, the US economy continues...
Research Paper, Asset Allocation, Olivier Clapt

Asset allocation: Agility tips

Ever wondered what to do with your portfolio allocation: leave it untouched through market ups and downs, or rebalance? When precisely? What’s the right balance? Our Quant research team has laid out the facts clearly for you in this study.
Asset Allocation

How tight is too tight?

The markets appear to be having second thoughts on the “terminal rate” of several central banks in developed markets, as their restrictive job is likely not finished yet.
Nadège Dufossé, Thibaut Dorlet, Thibaud Marie-Regnault, Asset Allocation, Macro, Equities, Fixed Income, Outlook 2023

Candriam’s Mid-Year Outlook

As we reach the halfway point of the year, it seems that recession may be avoided on both sides of the Atlantic, but growth forecasts remain weak...
Asset Allocation

Playing Defence

Financial markets have been resilient in H1 2023, reflecting a better growth/inflation mix than expected by consensus at the start of the year.
Asset Allocation

Take me to the next stage

In our economic and market scenarios, the next stage points to lower growth and gradually lower inflation in the US by the end of 2024. Consequently, lower interest rates should follow, and we keep a long duration bias in fixed income.
Nicolas Forest, Equities, Fixed Income, Macro, Asset Allocation

Which way will Turkey turn?

With the upcoming 2023 Turkish presidential election, scheduled to take place on 14 May, we are sharing our views and sentiments on the possible outcomes and their consequences.
Asset Allocation

Gauging local US banking fallout

The once-in-a-generation monetary tightening engineered by the US Federal Reserve (Fed) over the past twelve months has produced financial vulnerabilities.
Asset Allocation

Financial stability and price stability

Uncertainties on US and European financials have replaced the better economic growth outlook in investor’s minds. Suddenly, the improvement in activity is now mitigated by financial vulnerabilities and inflation stickiness.
Asset Allocation, Fixed Income, Equities

Impact of Credit Suisse takeover

Portfolios managed by Candriam have no exposure to any Credit Suisse security, OTC exposure or stock-lending exposure.
Asset Allocation

Better outlook increasingly reflected in markets

The better outlook on the growth/inflation mix for the year ahead has quickly been incorporated by risky assets, from equities to high yield via credit markets. As the extreme investor pessimism of last October is now in the distant past, we are reducing our overall equity allocation to a more neutral stance.
Asset Allocation

Temperatures rising, inflation cooling

We have started 2023 with a preference for equities over bonds, as our investment strategy turned more constructive on attractive price levels in October.
Asset Allocation

The next stage

We end 2022 with a preference for equities over bonds, as our investment strategy became more constructive on attractive price levels at the start of the fourth quarter.
Asset Allocation

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.
CTA, 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

Waiting for pivot

Short-term interest rates have been rising around the world over the past year as central banks attempt to fight inflation.

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