Thought
leadership.

- Tensions in the Middle East have led to a surge in oil prices.
- Jerome Powell confirmed that the Fed plans two rate cuts by the end of the year.
- The eurozone is under pressure due to warnings in the automotive sector and announcements of tax increases in France and Italy.

 - China unveiled a bigger-than-expected stimulus programme.
 - This week’s US data continued to reflect buoyant growth.
 - In the eurozone, doubts are increasingly settling over the sustainability of growth.

Benjamin Melman, our Global CIO AM, shares his insights and key strategies for the coming months.

Interview with François-Xavier Vucekovic, CIO, Edmond de Rothschild Private Equity, Jean-François Marco, Partner, TIIC and Manuel Cary, Partner, Managing Director, TIIC.

 - The Fed cut its rates by 50 bp at the meeting on 18th September.
 - The Bank of England chose to leave rates unchanged due to underlying inflation.
 - Data in China confirmed that domestic and foreign demand was being hindered by structural factors.

Edmond de Rothschild Real Estate Investment Management (REIM) announces that it has appointed Lennart Weinhold as Managing Director in the Real Estate Debt team, effective September 16, 2024.

Last May, our overweight was focused on both US and European equities, with a preference for the Big Data, healthcare and European small caps sectors. On the fixed income markets, we decided to maintain our overweight, especially as oil prices had begun a downward correction that weighed on inflation expectations. At present, signs of economic weakness are multiplying in most G20 countries.

 - There has rarely been so much uncertainty over central bank intentions.
 - Recession risks have risen sharply.
 - Significant doubts about central bank responses and the uncertain outcome of the U.S. election have led us to tactically reduce risk in equity markets.

 - Major economies are showing signs of weakness, leading to a fall in interest rates.
 - Equity markets fell, dragged down by the latest economic data but also by a fall in tech stocks.
 - In this uncertain context, we have maintained a neutral stance on equities and duration.

Equity markets almost corrected in just three days. The dip does not seem to have been triggered by a single factor, but rather by a new environment

For nearly 20 years, Edmond de Rothschild Private Equity has been committed to creating projects that generate both economic and social value. More than ever before, we are focused on our objective to address the three pressing needs of our era: accelerating the energy transition, developing efficient resource management, and adapting to demographic changes.

Focusing on these challenges, we provide access to differentiating and resilient investment strategies along three strategic segments: real assets, growth capital, and emerging markets, all with a transformative and proactive approach in the mid-market sector.

Kennet’s sixth fund continues its focus on scaling capital efficient software companies.