Francis Muyshondt

While the name Noshaq is appearing in an increasing number of Belgian and international investment files, it still doesn’t ring a bell for many people. This is hardly surprising, given that the investment company, whose aim is to further develop and transform the economic fabric of the city and province of Liège, works rather behind the scenes.

At the Trends Investment Summit, investment experts from major Belgian banks discussed asset management and allocations, cautioning against undue optimism amid a robust US economy, inflation risks, and shifting investment strategies for 2024.

“In general, one ought to be cautious of undue optimism,” remarked Philippe Gijsels, Chief Investment Officer at BNP Paribas Fortis, addressing attendees on the economic and financial market landscape.

Investment funds witnessed a marginal recovery in 2023, following the tumultuous year of 2022. This revival, however, was achieved amidst mounting challenges, it became clear at the 2024 Trends Investment Summit in Brussels on Wednesday.

Bonds are now recognised as a legitimate investment alternative, long overdue for acknowledgment. Peter De Coensel, CEO of Degroof Petercam Asset Management (DPAM) since 2021 and a seasoned bond market specialist, discusses this resurgence in value.

De Coensel highlights a dramatic shift in bond markets, noting a return to valuations not seen in nearly two decades, occurring in three distinct phases.

Luca Pesarini, founder and senior portfolio manager of Ethenea Independent Investors, does not mince his words, and so the management of the Ethna-AKTIV fund he helped found in 2002 is no nonsense. For instance, in a recent interview, he shows that he does not have a good word to say about European Central Bank policy and expects a return of inflation. He therefore preaches short-term paper for bonds. For equities, he is not negative but still quite cautious (Ethna-AKTIV fund). 

Crédit Agricole, ABN Amro, and “one or two Swiss private banks” have been named as finalists in the bidding process for the acquisition of Belgian wealth management and investment bank group Degroof Petercam, French business daily Les Echos reported on Friday, citing multiple sources.

Companies cannot economise on cyber security: the dangers have become far too great today. Yet the entire sector fell on the stock market as much as the overall tech market. Erik Swords, manager of the Allianz Cyber Security fund since October 2021, thinks this means that it is a good time to take a closer look at the sector.

The European Union, under its taxonomy, requires SRI funds to declare what part of their portfolio is green by 1 January 2023, but there is still much work to be done to address the pitfalls in the EU’s sustainable finance framework, Triodos Investment Management’s Hadewych Kuiper and Nikkie Pelzer (photo) said in an interview. “Some asset managers prefer to classify their sustainable funds under Article 6” because it requires less reporting, making it cheaper.

In its outlook for 2022, JP Morgan Asset Management makes no bones about the fact that equities remain attractive, even if inflation sticks around a bit longer than expected. In times of inflation and negative real interest rates, equities have almost never given a negative return in the past, according to JP Morgan’s outlook with chief strategist Vincent Juvyns (photo).

Pascale Nachtergaele, manager of the Nagelmackers European Real Estate Fund, finds real estate still interesting given the low interest rate environment. Her preference continues to be for logistics property, but she also sees potential in other segments.