Symphony for a new dawn: Our 2023 outlook in music

As we were reaching the end of the year 2022, a year in A minor that was not without surprises and upturns, we remained true to our December tradition. We were thrilled to spend the month in your company with our Outlook Advent Calendar, this time in music, inviting you each day to explore sustainable investing topics with the twist of a musical evocation.


In the Conductor week, we had our CIO and our Head of ESG Investments and Research introduce their thoughts as the year was coming to an end.

In the Symphony week, we made references to Berlioz, Lully, Dvorak, Wagner and Schubert when discussing central banks’ policies, energy transition, thematic and alternative investments, and engagement with companies.

The Instrument week was the opportunity to make parallels between asset classes’ position within portfolios and the various instruments’ role within the orchestra. All will resonate in harmony if well played and activated at the right moment.

In the Opera week, we revisited some of the most famous pieces, from the Marriage of Figaro to Cinderella, discussing sovereign debt sustainability, absolute return multi-management, real estate, emerging markets’ net zero path, and energy transition.

In the Tempo week, we finally changed speed to accommodate some of the new trends: the promises of India, the expected rebound of sustainable bond issuance, the comeback of bonds, the acceleration of circular economy, finally epitomized in our investment convictions for 2023.


In each of our 22 papers, accompanied by inspiring maestros, we presented our views, shared our convictions and discussed investment opportunities.

Caught in the run-up to Christmas, you lacked the time to read all our papers, but are interested in our opinion on a specific asset class? Here they are gathered for you in the Outlook 2023 Book.

Download the document, read our inspiring investment experts while listening to the musical pieces they chose for you, and join us into composing 2023!


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