Amundi Asset Management

2018 Top 400 ranking: 9http://www.amundi.com

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Amundi

Global Investment Views: December 2018

This year has proven to be challenging for portfolio construction, as well as regarding returns. To put this into perspective, for 2009-17, our analysis shows that each year, on average, 76% of major asset classes (including different regional government bonds, equity, inflation-linked, currency and commodities) recorded positive performances. 

In 2018, the story has changed: we are heading towards an unprecedented year in which less than 20%of asset classes have been in positive territory*. Markets have started to price in a slowdown in global growth and tighter liquidity conditions, in a more complex than expected political environment (trade tariffs and populism). Vulnerabilities in the more stretched areas of the market (growth stocks in equities and credit markets) and idiosyncratic stories (Argentina, Turkey, Italy) are the main consequences of this new narrative.

Moving into 2019, Central Bank policy will be crucial again with regard to determining market sentiment. Given a potential slowdown in growth and weak financial conditions, a Fed shying away from further tightening would give new oxygen to the markets. Also, the ECB will likely be increasingly uncomfortable with raising rates in such a scenario. In the meantime, the risk of policy mistakes will remain high: How far can Trump trade policy go? What could the implications for input prices and corporate margins be? Can China growth hold on? These are all elements that could fuel volatility, but also lead to an opening up of opportunities in the market.

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Head Office
90, boulevard Pasteur
Paris
75015
France
Company website:
http://www.amundi.com
Year Founded:
2010
No. of investment offices worldwide:
6

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  • Environmental Social And Governance Proposals And Shareholder Activism

    Environmental Social And Governance Proposals And Shareholder Activism

    White papersFri, 10 May 2019

    This chapter studies shareholder activism through environmental, social and governance (ESG) proposals between 1996 and 2015 filed by social responsible funds (“SRI”).

  • Asset Class Return Forecasts - Q2 - 2019

    Asset Class Return Forecasts - Q2 - 2019

    White papersFri, 10 May 2019

    This document includes the perspective of Amundi on asset returns used to build reference portfolios for our institutional clients. A publication issued annually in February covers the major macro and financial foundations of our views, while this one provides a quarterly update of our medium and long-term expected returns by asset class. 

  • European Equities: What Impacts In The Event Of A Tariff War With The United States?

    European Equities: What Impacts In The Event Of A Tariff War With The United States?

    White papersFri, 3 May 2019

    While the threat of a large-scale Sino-US tariff war appears to be receding, the US could now switch its focus to its trade deficits with the European Union. With this in mind, we wanted to find out which European equities, in terms of country, sector or individual companies, would be hardest hit by a trade conflict.

  • Cross Asset Investment Strategy - May 2019

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    White papersThu, 2 May 2019

    Equity markets have remained buoyant in recent weeks: the S&P 500 is trending towards an all-time high, the European equity market (STOXX 600) is close to last year’s peak and the performances of emerging markets have also been very strong.

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    White papersThu, 2 May 2019

    When we talk about leadership, we also talk about rivalry… and 2018 was undoubtedly a particularly emblematic year of rivalry, especially between the United States and China, and to some extent, between the United States and Europe.

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