Investment Officer France

Almost daily, I find myself amazed at how people simply refuse to see certain things. On the street, in politics, but also in the financial markets.

Strong demand for gold from central banks and the relatively small position held by private investors in the precious metal will push the gold price higher in 2026, Carmignac expects. Even so, the asset manager has slightly reduced its allocation to gold.

Corporate bonds, particularly high yield bonds, had a strong 2025 but portfolio managers remain cautious going into 2026.

Academic researchers in Europe and the United States are finding that prices on Polymarket, a fast-growing online prediction market, can track real-world outcomes with surprising accuracy. The findings suggest such platforms could become a useful tool for professional investors.

As a growing part of the financial community questions whether artificial intelligence has created a bubble, Fabiana Fedeli takes a different view. The CIO for Equities, Multi-Asset and Sustainability at M&G Investments argues that AI is not the source of a fundamental market imbalance, but rather acts as an accelerator of price adjustments in an environment that has become extremely fast-moving.

When everyone expects the same thing, it is time to think differently. A good example comes from Value Line, a company that makes stock market forecasts. They predict higher returns when valuations are low. Individual investors do exactly the opposite.

An insignificant Danish pension fund dumps all its US Treasuries. Financial media eagerly jump on this headline, because that is not something most investors would just expect. About the underlying structural cause, which has little to do with a president gone off the rails, you hear a lot less.

Local currency government bonds in Latin America and South Africa had a strong year in 2025, while major Asian countries lagged the broader market.