Our view for the year ahead
What has/will happen
Inflation has entered a new regime, will be more persistent and volatile due to structural reasons
Investments must be recalibrated with a higher focus on nominal rates
Term premia to rise gradually
We are positive on
Investment grade bonds (US focus) and Private Debt (EU focus)
Equities (US for growth, EU for value, Asia for innovation)
Embrace the new trends (Electrification, Nuclear Energy, Space, AI .v3) but at reasonable valuations
We are negative on
HY spreads
Political stability and cooperation
Oil prices and OEM Autos
Real Estate exposure in the US
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