Investissement

I’m a big fan of the Bank of America Global Fund Manager Survey. Firstly, because it pertains to the positioning and perspectives of real investors managing significant amounts of money. And secondly, because Bank of America tries to translate the responses given in the survey into signals and even investment decisions—something often overlooked by many «storytellers.»

The artificial intelligence revolution is in full swing, and Nvidia’s recent financial performance is a testament to this transformative era. For investors as well as the rest of the world, a new era has arrived.

L’engouement actuel pour les obligations d’entreprises en euros s’explique par la hausse des rendements initiaux et la tendance qu’ont les emprunts investment grade à devancer leurs homologues à haut rendement, notamment, lors d’une récession. 

The negative correlation between bonds and stocks is no longer a certainty due to structurally higher inflation expected in the coming decade. It has therefore become an «absolute necessity» to complement the traditional 60/40 portfolio with alternatives, said Vincent Juvyns, global market strategist at JP Morgan Asset Management, during the firm’s presentation of its outlook for the second half of the year.

May saw a 6.1 percent increase in consumer prices in the EU compared to the previous year, the lowest level since February 2022 and slightly lower than economists’ predicted 6.3 percent. In the United States, inflation has now dropped below 5 percent, the lowest level in two years.

Le Prix Nobel Harry Markowitz affirmait que la diversification était le seul « repas gratuit » de la finance. Intuitivement, le concept a du sens : les pertes d’une position sont compensées par les gains d’une autre exposition, ce qui permet de lisser le rendement du portefeuille et de le rendre moins volatil. En rassemblant dans un portefeuille plusieurs actions avec un schéma d’évolution des cours différent, et de préférence opposé, l’investisseur peut proposer de cette différence de corrélation.

L’immobilier commercial préoccupe toujours les investisseurs. 

The market is expecting a 75 basis point rate cut by the Federal Reserve after a six-month pause. According to Invesco, the likelihood of that happening is much lower than the market thinks. This is good news for emerging markets, said Wim Vandenhoeck, senior portfolio manager for EMD and global bonds.

Market consolidation, pressure on cost and the weight of regulation have reduced the total number of Management Companies in Luxembourg by four last year. The latest edition of PwC’s annual Manco Observatory nevertheless sees this industry as “very dynamic”, with 11 new Manco’s having been set up in the last year.

One of the elements that Bitcoin investors cite is the cryptocurrency’s performance when the stock market is doing poorly. These coins are then often described as a «flight-to-safety» investment: an asset that rises in value when the rest of the portfolio goes down. Is this really the case?