Noticias y Perspectivas.

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•    Mojtaba Khameinei’s appointment as Iran's supreme leader marked another notch higher in Middle East tensions.
•    Last Monday, Donald Trump claimed US operations in Iran had already made significant progress and that they could end soon.
•    China, meanwhile, is still in remarkable export health.

Edmond de Rothschild Asset Management announces the appointment of Cédric Van Kerrebroeck as Sales Representative Belgium, effective on March 2nd. In his new role, Cédric will be responsible for developing new business with professional clients in Belgium and for managing and strengthening relationships with existing clients and consultants across the country. He will cover wholesale and retail segments, as well as selected institutional clients and life insurers. Based in Brussels, Cédric reports to Nicolas Bonardo, Head of Distribution France and Benelux, Edmond de Rothschild Asset Management.

•    Tehran is maintaining a firm stance and seeking to rapidly increase the economic and geopolitical costs for its adversaries, targeting energy infrastructure and maritime routes as a priority.
•    If the crisis persists, a sustained rise in energy prices could simultaneously weigh on household purchasing power, business costs, and margins.
•    For now, the stock market reaction remains limited, but the rise in implied volatility (particularly for oil), the upturn in inflation expectations, and the persistence of a high geopolitical risk premium reflect growing concern.

As we feared in our note published on Friday, Donald Trump acknowledged the inability to reach an agreement on his own terms on the nuclear issue and decided to launch a large-scale military operation against Iran. The elimination in the early hours of the conflict of Supreme Leader Ali Khamenei, along with 48 other political and military leaders, confirmed that the objective of the United States and Israel was indeed regime change and not just the destruction of Tehran's nuclear and ballistic capabilities. While the world has seen many phases of tension between the two sides since 1979, this is an unprecedented escalation whose consequences will be profound and lasting for the entire region and undoubtedly for the global geopolitical balance, as it appears that this intervention is also a message sent to China, of which Iran was a partner, as Venezuela was before it.

•    Germany’s final fourth-quarter GDP reading showed a 0.3% rise QoQ, a sign that private consumption was strong, government spending on the rise and investment recovering.

•    Several Fed members moved to a more restrictive position by reiterating the need to have more solid proof of disinflation before cutting rates again.

•    US-Iran talks continued in Geneva but with no progress; Tehran rejected the US demands.

Edmond de Rothschild Real Estate Investment Management has completed the acquisition of a seed portfolio of residential assets in Berlin, marking the first investment under its new German Residential Alpha strategy. The transaction reinforces EdR REIM’s conviction around investing in supply constrained residential markets across Europe.

•    Geopolitical tensions remain high with the failure of Ukraine-Russia negotiations, the prolongation of US-Iran talks, the continued deployment of the US armada in the region, and the risk of a partial closure of the Strait of Hormuz. 

•    In the US, the FOMC minutes reveal differences of opinion among governors regarding inflation, which remains above target but is slowing, and resilient growth, which argues for patience before further rate cuts.

•    In the UK, unemployment rose to a 5-year high of 5.2% so markets are now expecting two rate cuts before June.

• Controlled exposure to credit risk through a selection of solid issuers (BBB–BB).
• An important investment grade base, with a minimum exposure of 30%, which helps structure the risk profile.
• A ladder-style maturity structure, with around 20% of the portfolio maturing each year between the first and fifth years, in order to maintain liquidity and the ability to reposition throughout the cycle.

Edmond de Rothschild Real Estate Investment Management, on behalf of its Euro Industrial Real Estate fund, has acquired three new warehouse properties for a combined value of €29.8 million and successfully disposed of an asset for €7.2 million. 

- Net inflows of €5.4 billion in 2025 and €17.5 billion cumulatively over five years, bringing assets under management to €107 billion.
- Strong commercial momentum across all geographies, with diversified inflows across different asset classes. 
- Major strategic developments to come in 2026

By Aymeric Gastaldi, Lead Portfolio Manager – EdR SICAV Global Resilience at Edmond de Rothschild AM (France)