Prospettive
& attualità.

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)

•    This week's US data were mixed and led to some interest rate volatility.
•    In Europe, European leaders argued for structural reform, thereby driving expectations of a “European wake-up call”. Simultaneously, the Banque de France forecasts resilient French growth in the current quarter.
•    In Japan, Sanae Taikaichi’s resounding electoral win gave her an absolute majority in parliament and could help her roll out a programme which includes tax cuts and higher investment.

The US market is rebalancing, notably in favor of small-cap stocks, as it begins to penalize the heavy AI investments by tech giants whose profitability is uncertain.

The sharp drop in the software segment is deemed disproportionate. The market is underestimating the diversity of companies in the sector and ignoring the Jevons paradox, according to which lower costs related to AI will stimulate software demand.

In this context, we are increasing our exposure to emerging market and Japanese equities. In fixed income, we favour financial bonds, emerging market debt, and corporate hybrids, focusing on short and intermediate maturities.

Since Donald Trump came to power, geopolitical tensions have escalated, calling into question alliances that were once considered set in stone. This was expressed openly by several leaders at the World Economic Forum in Davos at the end of January. Canadian Prime Minister Mark Carney gave a speech described as historic, calling for the formation of an “alliance of middle powers” capable of exerting influence between rival blocs. Emmanuel Macron, for his part, denounced “a world now governed by the law of the strongest” and stressed the urgent need for far-reaching reform of the European Union so that it can emerge as an autonomous strategic power. These statements, delivered in a location emblematic of globalization, highlighted the growing gap between yesterday’s international order and the one now taking shape.

This double distinction honours our leadership in sustainable investing.

One Year On, Time for a first assessment

•  Concerns over massive investment needs in AI mounted over the week and resulted in steep falls for US tech giants.

•  Kevin Warsh's appointment as Fed chairman weighed on sentiment because of his calls to structurally shrink the Fed’s balance sheet.

•  In Europe, Christine Lagarde continues to express confidence in the current monetary stance despite below-target inflation, while several ECB members warn of the disinflationary and restrictive impact of the euro's appreciation on financial conditions.