Investment Officer Netherlands

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.

The European Central Bank (ECB) finds it wonderful to see that the euro is gaining popularity around the world, now that the image of the US and, in its wake, the dollar, is suffering from US policy and the country’s stance on the global stage.

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.

The development that some large banks in Europe are closing their doors to open architecture and internalising asset management is good for their margins in the short term but could create a long-term problem. That is what UK CEO Maxime Carmignac of Carmignac said. “Asset management is a different profession, with a different culture and dynamics. We are already seeing that this is starting to work against some banks.”

AXA Investment Managers is shutting down its fund focused on biodiversity due to a lack of investor interest. “We continue to believe in the theme, but from now on within a broader context,” the explanation said.

Donald Trump likes to present himself as a leader guided by instinct and personal conviction. International treaties, diplomatic traditions, and established norms are, in his view, merely suggestions that he can ignore at will. This attitude lies at the heart of his political identity: America first, and whatever Trump believes is good for America is what will happen.

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.

The silver price appears to be breaking with its traditional pattern. Where the metal has historically followed gold with a delay, silver is now moving more independently and at a faster pace. According to market participants, the recent rally is less a reaction to geopolitical tensions than the result of structural changes in the balance between supply and demand.