Investissement

L’intelligence artificielle (IA) a encore dominé les marchés financiers sur les premiers mois de 2024. Les semi-conducteurs, indispensables à l’IA, ont bondi, comme l’illustre la progression fulgurante de Nvidia. Mais si les perspectives à long terme du secteur des semi-conducteurs sont florissantes, grâce à une demande insatiable de puces, tout n’est pas aussi rose qu’il y paraît. 

Over the past year, Nvidia’s stock has soared by more than 200%, igniting talks of a «bubble» among the self-proclaimed financial seers. But what precisely do we mean by a «bubble»? This term, often thrown around loosely, lacks a consistent definition among its most vocal proponents.

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.

Luxembourg’s private equity services business of Partners Group, which accounts for more than a third of its revenue, held up well last year in what otherwise was a challenging year for the Swiss-based firm.

Partners Group on Tuesday reported that its revenue from management services in Luxembourg rose 2.3 percent last year to 684.5 million Swiss francs (710 million euro).

Increasing numbers of analysts are now forecasting that the Federal Reserve will not implement any rate cuts before 2025. This follows an unexpected rise in US inflation in February, suggesting that the Federal Reserve may postpone any thoughts of reducing rates. Despite previous market expectations of an interest rate cut in June, experts at Vanguard, Apollo, and other institutions are now suggesting that the Fed could maintain current interest rates throughout the year.

Morningstar on Monday posted its European asset flows data for February 2024, revealing significant investor interest in equity and fixed-income funds amidst anticipation of interest-rate cuts.

Europe-domiciled long-term funds reported net inflows of 19.4 billion euro during the month, with equity funds experiencing their second consecutive month of positive inflows, amounting to 5.1 billion euro. This growth was predominantly seen in passive equity funds, which attracted 19.1 billion euro, whereas active equity funds continued to see outflows.

À en croire les gestionnaires de fonds, l’univers des petites capitalisations recèle des perles cachées. Mais obtenir des rendements intéressants dans le segment est loin d’être une sinécure. Car sur le durée, les petites capitalisations américaines ont souvent tendance à se laisser nettement distancer par leurs grandes homologues. Cela s’est notamment vérifié en 2023, un cru boursier dominé par les Sept Magnifiques.

Fin 2023, Lazard Asset Management a lancé le fonds Lazard Climate Action, axé sur le changement climatique et la transition vers une économie pauvre en carbone, et géré par Koen Popleu et Monika Kumar. Anciens de Candriam, les deux gérants ont rejoint Lazard il y a deux ans, afin de renforcer la gamme de fonds d’investissement durables. Ce fonds climatique constitue la première réalisation concrète.

« Les marchés financiers ne tiennent pas suffisamment compte des risques géopolitiques, c’est pourquoi nous adoptons une position prudente pour le premier semestre. Nous augmentons progressivement la duration et le bêta pourra être relevé vers la seconde moitié de l’année », déclare Marc Danneels, Chief Investment Officer chez Beobank.

In an industry where performance is king, KKR has thrown down the gauntlet, claiming a victory in the long game of investment over the iconic Berkshire Hathaway fund. This bold assertion by the 553 billion dollar private equity behemoth not only challenges the storied legacy of Warren Buffett. It also sparks a fiery debate on the true measures of success in the high-stakes world of private investments.