The first half was full of surprises for investors. Equity market returns were much better than expected.
Most people expected a recession but it failed to have much impact and the US economy and its financial sector proved particularly resilient to a banking crisis which could have been much more serious.
The artificial intelligence theme ballooned exponentially on markets, so much so that gains by the S&P 500 were due to a handful of stocks likely to benefit from this new craze.
IN THE SUMMARY
Asset Allocation: Every half-year has its fair share of surprises
Benjamin Melman, Global CIO AM
Fixed Income: Recession, what recession?
Alain Krief, Head of Fixed Income
European equities: Quality stocks at a reasonable price
Caroline Gauthier, Co-Head of Equities
Equities: AI, beware of communication and valuation overdrive
Jacques-Aurélien Marcireau, Co-Head of Equities
Responsible investment: Should emerging markets and climate finance go together?
Lisa Turk and Daniela Savoia, Fund Managers Emerging Corporate Debt