Bonds and cash in focus
Search for quality in equity markets
Emerging markets:
from West to East
Inflation-proofed dynamic allocation
ESG themes in focus
Source Amundi Institute as of 1 June 2023 - CB: Central Banks
H2 2023
H1 2023
US bond duration favoured over euro given the more advanced tightening cycle in the United States.
Global credit in focus.
We have become increasingly cautious on HY.
Cash, US government bonds.
Global credit with a focus on quality, cautious on HY.
EM HC bonds and seek entry points in EM LC debt.
Play quality, value and high dividends.
Increasingly cautious on the US, particularly mega caps.
Seek quality both at a global level and within each region.
We started adding to China equity to benefit from China's reopening.
Start adding to EM bonds from Q2.
Start raising EM exposure as currencies should benefit from Fed pause.
With a medium-term horizon, build dedicated allocation fo Asian assets, particularly China and India.
Play dynamic asset allocation to exploit opportunities form evolving economic backdrop with a tilt towards those assets and sectors more resilient to inflation, namely commodities and risk assets, as inflation moderating but staying above CB's targets.
Look for ESG improvers, net-zero portfolio construction and, more generally, themes on climate change and socially-oriented strategies.
We are here
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