Noticias y Perspectivas.

The previous quarter brought us the positive message of “cheaper, baby, cheaper!” in the context of COP 30, with renewable energies, particularly solar energy, becoming increasingly competitive with fossil fuels over the past 10 years, even without public subsidies. This dynamic is a key driver for the ongoing energy and environmental transition, with China providing a particularly illuminating example. It will be important to carefully read the environment/climate section of China's next five-year plan, which will be announced in March.

In our “Outlook & Convictions” video, Benjamin Melman, Global CIO AM, explains how to approach the markets in 2026 with a cautious but aggressive approach, focused on diversification, resilience, and sovereignty.

By making the imposition of new tariffs conditional on Europe's acceptance of its plan to acquire Greenland, Donald Trump is taking a further step in the use of trade as an instrument of geopolitical constraint. The announcement of 10% taxes, which are set to rise to 25% from the summer, directly targets several European economic pillars, from France to Germany, the United Kingdom and the Nordic countries. 

•    Between public pressure on Jerome Powell and threats of intervention in Iran, Donald Trump is fuelling uncertainty; however, the Fed considers its monetary policy appropriate, and no rate cut is expected at the next meeting.
•    In Japan, the Prime Minister is considering dissolving parliament and calling early elections to strengthen her majority and ease the implementation of her stimulus agenda.
•    In Europe, long-term yields have fully played their role as a safe haven, falling over the week, while gold has continued to rise.

Amethis Investment Fund Manager S.A., the alternative investment fund manager dedicated to responsible long-term growth across Europe, Africa and the Middle East, together with its partner Edmond de Rothschild Private Equity, are pleased to announce the final closing of Amethis Fund III S.C.A., SICAV-RAIF , (“AFIII” or “the Fund”) in line with its target at EUR 406M.

Dominik Kremer joins Edmond de Rothschild Asset Management with the objective to further develop and drive business activities across liquid and illiquid capabilities in institutional and wholesale channels.

•    The year began with Donald Trump’s shift to an interventionist and international policy.
•    Within the zone, activity data has remained positive and credit has continued to recover.
•    In this environment, we have maintained our approach with a modest positive allocation to fixed income, a neutral position on equities and a negative view on the dollar. Our constructive view on credit and emerging fixed income markets is unchanged.

Anne-Laurence Roucher rejoint le comité exécutif d'Edmond de Rothschild Asset Management avec pour objectif de diriger et de développer les activités liées aux actifs non-cotés 
Cette création de poste vise à développer un plan stratégique ambitieux afin de favoriser la croissance de ces activités 

•    In the United States, the latest figures confirm a slowdown in jobs creation and inflation, reinforcing expectations of further rate cuts. However, equity markets remain under pressure due to lingering doubts about AI.

•    In Europe, markets were briefly lifted by news on the Ukraine conflict.

•    In Asia, Japan stood out in a positive way. The Tankan corporate confidence survey hit its highest level in 4 years despite trade tensions with the US.

Asset allocation: Investing amid a bubble
Benjamin Melman, Global CIO AM
 
Credit market: 2026 is set to be a strong year for credit markets!
Alain Krief, Head of Fixed Income
 
European equities:  a three-step Waltz
Caroline Gauthier, Co-Head of Equities 
 
International equities: 2026, a structural year for equities and the end of the prologue
Jacques-Aurélien Marcireau, Co-Head of Equities

Management philosophy: Decorrelate your portfolio by investing in European defence
Anthony Penel, European Equities Portfolio Manager

•    The Fed cut rates by 25 basis points for the third consecutive time, triggering a rise in equity markets.
•    In Europe, the probability of an agreement with Russia increased after Volodymyr Zelensky said a referendum on ceding control of some Ukrainian territory could be held, which eurozone equities higher.
•    In China, exports rebounded in November while imports remained flat, a sign that Chinese domestic demand is still soft.

Edmond de Rothschild Asset Management was recently awarded the prize for Best Regional Global Bond Company at the 7th edition of the Quantalys France Harvest Group Awards. This award, which concludes a trophy-filled 2025, recognizes our EdR SICAV Financial Bonds and EdR SICAV Corporate Hybrid Bonds funds. These two strategies, based on proven expertise, perfectly illustrate our commitment to offering our clients innovative investment solutions that provide diversification in the fixed income markets.

Congratulations to our investment teams: Julien de Saussure, Benjamine Gouraud, Nicklaus Miguel Raminhos, Marc Lacraz, Vianney Hocquet, and Daniela Savoia.