Romain Sauvage

Focus on french equity market opportunities "The French stock market is made up of companies of all sizes, enabling us to take a differentiating stock-picking approach, regardless of the economic context." Discover the analysis of Ariane Hayate, CFA and Guillaume Laconi, our French equity portfolio managers. #EdREquity #FrenchMarket #Investment

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BLI - Banque de Luxembourg Investments‘ Head of Fixed Income Jean-Philippe Donge has published a new article dedicated to emerging market debt. In this article, which concludes a series of several publications edited by Jean-Philippe, Jean-Albert Carnevali and Maxime Smekens, BLI’s Head of Fixed Income points out that due to technical and fundamental reasons, investors cannot ignore emerging market debt as a truly optimising element in their portfolio construction. 👉 English version: https://lnkd.in/eU4M2ts2 👉 Version française : https://lnkd.in/eyyEcuZR #marketingcommunication #fixedincome #emergingmarkets #debt #portfolioconstruction #diversification #assetmanagement #luxembourg

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🌱 EPISODE 3 : Isabelle Delattre - Head of Sustainable Finance at Crédit Mutuel AM In this episode, we addressed topics such as: - AI in ESG-related activities - The ESG regulatory tsunami and its constraints - How to stay positive about sustainability our future - Youth education and advice 🌱 Go and listen now : https://lnkd.in/eKaBAjZ8

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Joining the #GSSBonds2024 session virtually, Amundi Co-Head of Emerging Markets Fixed Income Sergei Strigo provided an overview of the @Amundi Planet Emerging Green One (EGO), which is the world’s largest targeted green bond fund focused on emerging markets. The long timescale and large size of the fund, which will actively invest in emerging market green bonds issued by financial institutions through to 2025, is expected to significantly increase the scale and pace of climate finance in emerging markets by crowding in capital from investors and creating new markets. With a unique environment, social, and governance policy, EGO also aims to invest into green bonds with measurable green impacts for impact reporting. Sergei also shared his perspectives on how asset managers such as Amundi view opportunities to buy GSS bonds and their requirements. Participants will be drawing on their learnings to develop their respective investor pitches on the 2nd day of #GSSBonds2024 tomorrow. Key speakers from the Islamic Development Bank (IsDB) and S&P Global Ratings will also be sharing keen insights on green sukuk and the external review process. Stay tuned for more updates tomorrow! #AICB #IFC #GSSBonds2024 #green #social #sustainability

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🔎 [#EngagementReport] At Amundi we are convinced that engaging with companies on ESG issues is a driver of long-term value for them, hence for our clients’ portfolio. We are also aware of our responsibility as Europe's leading asset manager: we strive to fulfill our role as a committed investor & shareholder by supporting companies in their transition challenges. As such, Amundi’s stewardship strategy (vote and engagement) has become one of the pillars of our global responsible investment philosophy: we have committed to engage with 1 000 additional companies on their climate strategy by 2025 versus 2021 and we are well on track to meet this goal with an additional 966 companies engaged as of December 2023. But climate is only of the themes that we discuss with companies… 🔑 Here are a few key figures from our 2023 engagement report: 🔹 2 531 ➡️ The number of unique issuers engaged increased to reach 2 531 (+20% increase vs. 2022); 🔹 Over 40% of engagements closed in 2023 had a positive outcome 🔹 Issuers from all geographies were engaged, with an even more significant progression in Emerging Markets (+32%) and North America (+39%); Thematics: 🔹 1 471 issuers engaged on climate 🔹 618 issuers engaged on Natural Capital Preservation 🔹 795 issuers engaged on Human Capital & Rights 👉 Read our last Engagement Report for more highlights from our 2023 stewardship activities: https://ow.ly/5zV850SrtS4

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Natixis Investment Managers Solutions' Mabrouk Chetouane, Head of Global Market Strategy, and Julien Dauchez, Head of Portfolio Consulting & Advisory, explore how economic indicators, #CentralBank policy and regional dispersions are impacting the minds of investors 👉 https://lnkd.in/e4YbdDR2 Including:  - What ‘higher for longer’ rates mean for both equities and fixed-income investors  - The link between growth rates, labour markets and central bank #MonetaryPolicy  - Which types of private assets investors are allocating to in portfolios  - How the traditional 60/40 portfolio is continuing to evolve For professional investors only. Marketing communication. Capital is at risk.

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📅 What must investors know about climate risk and global equity valuations❓ Save your seat for the EDHEC-Risk Climate webinar to get the answer. Already 550 professionals registered! Get insights from new research by #EDHECRiskClimate, supported by Scientific Beta, revealing how traditional valuation tools may not adequately address climate-sensitive securities. Learn how uncertainties in the climate system, physical damages, and discount rates impact global equity valuations. The seminar will address the following issues: 🔍 What are the limitations of current climate-aware valuation tools❓ 🔍 How is the impact of physical risk on equity valuation being underestimated❓ 🔍 How to make discounting state-dependent and why it matters❓ 🔍 What are the key factors affecting the impact of climate change on global equity valuation❓ 🔍 What are the implications of the current emissions abatement course for equity valuation❓ 🔍 Can we rely on a 'Greenspan put' for climate risk❓ 🔍 What are the implications for investment managers❓ 📅 July 2, 2024 🕗 8pm SGT 🕑 2pm CEST 🕐1pm BST 🕗 8am EST 🗣️ Speaker: Riccardo Rebonato, Scientific Director #EDHECRiskClimate and Professor of Finance EDHEC Business School Moderator: Felix Goltz, Research Director, Scientific Beta More info/registration 👉 https://lnkd.in/gpewTTiF #ClimateChange #ClimateRisks #PhysicalRisks #ClimateScenarios #Equity #Valuations

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Our latest Global Brand Survey revealed a favourable time for asset managers promoting fixed income in France, as the demand is high and financial intermediaries associate many different brands with the asset class rather than only opting for a select few managers. Find out more about the most competitive asset classes and management styles in France: https://lnkd.in/e8-qaGHQ #GlobalBrandSurvey #AssetManagement #ResearchInsights #France

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🐝 Finance & biodiversity are definitely interconnected Listed impact investing has a crucial role to play in attracting capital to companies committed to biodiversity. 💡 More than 50% of global GDP depends on biodiversity. Given the convergence of these challenges, all sectors of the economy need to embark on the path of transition. Innovative players and daring impact investors are seizing this central challenge, like #LFDE. As a pioneer of listed impact investing in France, we support European companies that contribute to carbon neutrality and the preservation of biodiversity. 🌳 Read our analysis here below in French

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Pierre Beniguel, Portfolio Management, from our Multi-Sector Bond (MSB) team reviews the journey of market sentiment so far this year. He compares the relatively strong sentiment in Q1, driven by expectations of rate cuts from central banks, with the reversal of the strong sentiment in Q2, which was caused by stronger ISM manufacturing data and weaker than expected labour data. For further detail, watch here: https://okt.to/LR2JFE #twentyfourquarterlyupdate #multisectorbonds #fixedincome

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📺💡 Yesterday, Anna Edwards hosted Stanislas de BAILLIENCOURT, CFA, Head of Fixed Income & Asset Allocation, on Bloomberg to discuss the #impact of French #politics on the #markets : https://lnkd.in/ej-rbSJ4 His key insights: ▶ A central coalition would be the best scenario for markets but no certainty yet and time is needed ▶ Government bonds spreads impacted, 2025 budget discussions later this year will be tense ▶ French equities are affected by lack of political visibility, especially financials and utilities, despite overall better than expected economic situation in Europe ▶ It’s “business as usual” on the #credit side.

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Download our latest report: Hybrid Funds in 2024 Hybrid funds are an innovative development in the cross-border funds industry that are intended to allow a wider range of investors to access private markets. As traditional fund managers continue to build their private-markets businesses, it is anticipated that more and more hybrid funds will come to market. Hybrid funds have an important role to play not only in allowing a wider range of investors to access private markets, but also in providing finance to ‘grassroots’ companies in the EU and UK and, therefore, boosting economies. But do fund managers consider these structures too complex? How do firms feel about the risk of misaligning liquidity risks? Will investors expect a deeper level of transparency than private capital has traditionally offered and can fund managers provide it? How do they view the challenge of valuing these funds? And is there a role for hybrid funds in ESG portfolios?   In this survey Funds Europe, in partnership with fund administrator CACEIS, seeks to identify how successful these funds will be at financing the UK and European economies by gaining insight into the appetite among fund managers for creating and distributing hybrid funds.

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BNP Paribas Asset Management closed the 2024 #AGM season with a 36% opposition rate, maintaining a firm stance on #sustainability and #corporate #governance. Key points: - Opposed more then half of #executive #pay proposals - We request a #climate component KPI in executive #compensation on key sectors: a practice not yet common in North America where less then 50% of those companies have such features - More then 2k proposals rejected due to E&S considerations, 79% related to climate or #biodiversity reasons - Rejected 40% of director appointments #ESG #CorporateGovernance #ClimateAction Jane Ambachtsheer Nogoye Dieng Paula Meissirel Jane Ho Rachel Crossley Adam Kanzer Hugo Jalet Sifan Wu Joris Ayemin

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Asset management industry consolidation continues as French financial institution BNP Paribas acquires the asset management business of French insurance major AXA, AXA Investment Managers, in a EUR 5.1 billion deal. Over the past decade+ AXA Investment Managers have built a tremendous alternatives platform for AXA's insurance business after Ardian spun out from AXA in 2013 (wow - still feels like yesterday!) with over EUR 200 billion in private credit, #infrastructure and real estate. AXA Investment Managers are also building a GP stakes business that we have gotten to know over the past year! This is no doubt a creative and forward thinking investment management platform. The combined entity would have total assets under management of about EUR 1.5 trillion and would become one of the top European asset managers after leader Amundi which had EUR 2.16 trillion of assets under management at the end of June. At BNP Paribas, only 8% of the EUR 576 billion under management at its investment arm were in alternatives or other non-traditional assets. At AXA Investment Managers that share is more than 25%, with €227 billion in alternatives. A majority of the assets, however, that BNP Paribas are acquiring are managed for AXA’s insurance business. The transaction also includes a 15-year agreement under which BNP Paribas would provide investment management services to AXA. Look for more consolidation activities in the asset management industry across Europe, the Americas and Asia. #alternativeassets #privatemarkets #privatecredit #france #consolidation #assetmanagement #capitalmarkets #fundmanagers #gpstakes #secondaries #europe https://lnkd.in/g2yt48iq

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Wall Street : the only way is up ? Probably, but perhaps not so fast ! The S&P 500 recently reached 6000 points (all-time high). Its performance over two years is quite dizzying, up nearly 50% while cumulative forecast earnings are only up 17%. P/E expansion, fueled in particular by optimism on AI and Mag 7, has therefore been the main driver of performance. Over the last two years, the intra-annual correction in stock prices has also been more muted than the long-term average (-15%). Looking ahead, already solid EPS growth could be boosted (up to 5%) if US corporate taxes are lowered (quite likely given a full red sweep on Capitol Hill). But Trumponomics 2.0 could prove to be inflationary/reflationary, resulting in lower interest rate cuts and steadier bond yields. This could ultimately be a headwind for valuation multiples. In the second half of 2024, P/E expansion has already shown some moderation, a trend even more visible among the Mag 7. In fact, they continue to rise but now less quickly than the increase in their expected profits. More fundamentally, annual performances should converge towards their long-term average close to 10% or even below in the event of some P/E erosion (difficult to predict but quite possible). In the longer term, over a 10-year horizon, various analyses conclude that the level of average annual returns, while remaining in positive territory, should be more moderate than in the recent past and lower than the long-term average. Constructive but not exuberant ! AG Insurance #markets #economy #finance #financenews #investments #investmentnews #investmentinsights Thanks to Trends Canal Z and Gaële Poncelet

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[#STRATEGY] 🔎 Seeking expert insights on the current market situation? 📊 Discover our Investment Strategy Focus for May! Our team of strategists and experts have just released their monthly analysis, designed to help our clients navigate the investment landscape with confidence. 🌐 Visit our website to access the full analysis and take advantage of the valuable insights : https://lnkd.in/e98CBjr4 #investmentstrategy #marketanalysis #expertinsights 

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🌏💡 Dear Sustainable Finance Community In this week´s edition of our Sustainable Finance Newsletter (21/2024), you will find updates such as 👉🏻 ETF Partners closed its fourth Green Tech Fund 👉🏻 BNP Paribas Asset Management launches global equity SRI PAB fund 👉🏻 Eurazeo launches next gen impact buyout fund ... and many more insightful news. 💬 #sustainablefinance #sfidaily #banking #finance #sustainability #esg #climatechange #markets #news #reporting #investing #greenfinance

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In 2024, BNPP AM opposed 2,163 management proposals across 332 companies for environmental and social reasons, 79% of which were related to climate or biodiversity-related expectations. Read more key stats from this year's proxy season at the link below. #proxyvoting #stewardship

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Interesting insights from Marco Pirondini in his Q4 Outlook!

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