Market insights
20/12/2024
• The latest developments in Europe have failed to improve political visibility.
• In the US, the economy is still proving resilient.
• We are sticking with our tactically positive stance on equities with the accent on the US and China. Our strategic view on investment grade credit is unchanged.
Market insights
13/12/2024
As expected, the ECB cut its deposit rate by 25 basis points.
In China, the lack of concrete details from Beijing regarding economic support measures disappointed investors, which weighed on the stock markets.
In the United States, the release of inflation statistics held no surprises, with the CPI index aligning with expectations.
Market insights
11/12/2024
Overweighting US equities has become a consensual choice that nobody can deny today. This position is however likely to change during the coming months.
The theme of resilience, i.e investing in companies able to withstand further disruptions to the global production chain and a firmer pursuit of sovereignty and security, now occupies a central place.
In the bond markets, we are unwinding our overweight on emerging bonds pending the arrival of the Trump administration, and increasing our exposure to subordinated financial bonds and corporate hybrids.
Market insights
06/12/2024
In France Michel Barnier’s government fell, ushering in a fresh bout of uncertainty. The technical government option now seems to be the most likely scenario. However, peripheral eurozone countries are enjoying some momentum, which has offset the negative impact of French and German difficulties.
Economic indicators in the US are still buoyant but less so as the economy gradually returns to normal.
In China, the situation is improving but gradually, with the Caixin manufacturing PMI rising for the second month running.
Market insights
29/11/2024
Political tensions in France and also in Germany are inevitably weighing on PMIs.
Eurozone inflation has been slowing so the ECB can continue to reduce rates.
Economic activity in the United States remains strong, while in Japan, inflation has resumed its upward trajectory.
Market insights
22/11/2024
The eurozone is still suffering from the conflict’s consequences and energy prices in particular are taking a toll as we enter winter.
The ECB is coming under increased pressure to ease its monetary policy and put a brake on the economic slowdown.
In Japan, the chances of the central bank tightening monetary policy are mixed.
Thematic and product insights
20/11/2024
As economic growth shows signs of overall resilience and interest rates begin to normalise, the High Yield market is now supported by a more favourable environment.
Alexis Foret, Head of High Yield at Edmond de Rothschild Asset Management (France), believes that bonds in this segment – with their attractive yields and rising average coupons – have all the characteristics to cater to investors’ every need.
Market insights
18/11/2024
More than a victory, a triumph
Donald Trump and the Republicans have won full control of the White House and Congress. This scenario, which came with rather low odds in the opinion polls, has extended the “Trump trade” (bullish equity market and rising US long-term yields and dollar) and has this time around created a wider dichotomy between the United States and Europe (where equity indices and long-term yields are declining). Investors have focused on the Republican candidate’s promises of lower corporate taxes and deregulation in the US and rising tariffs for other trade partners – Europe included.
They have also factored in deeper public deficits (rising real and nominal rates) and higher inflationary risks (rising inflation break-even rates). Markets have experienced violent swings since early October and the beginning of the “Trump trade”, with the S&P500 outperforming the Eurostoxx 50 by almost 9%.
Market insights
15/11/2024
The Republicans, under the leadership of D. Trump, have taken control of the House of Representatives.
Germany is preparing for political upheaval with a vote of confidence scheduled for December.
Markets have continued to rotate into exclusively US assets in another illustration of American exceptionalism.
Market insights
08/11/2024
Market insights
06/11/2024
The Republican candidate's victory has now been confirmed. D. Trump becomes the 47th president in the history of the United States. He particularly benefited from the crisis of confidence among Americans regarding the economic situation in their country, with over 50% of them indicating it was their main concern, according to exit polls.
Market insights
31/10/2024
US growth proved resilient in the third quarter, but US employment data remain contradictory.
The eurozone figures were a pleasant surprise with France expanding more than expected.
Japan's ruling party failed to get a majority in the weekend elections, reinforcing political uncertainty.
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All data and material have been obtained from sources believed to be reliable, but their accuracy is not guaranteed. The data, comments and analysis provided in this website reflect the opinion of the Edmond de Rothschild Group and its affiliates with respect to the markets, their trends, regulations and tax issues, on the basis of its own expertise, economic analysis and information currently applicable. They are subject to modification without prior notice. Information provided in this website shall not be considered as any kind of undertaking or guarantee whatsoever from the Edmond de Rothschild Group and its affiliates.
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Any investment involves specific risks. All potential investors must take prior measures and seek appropriate advice in order to analyse the risks and establish his or her own opinion independently of the Edmond de Rothschild Group in order to determine the suitability of such an investment to his or her own financial situation. Before making any investment decision, investors should read the relevant offering documents and in particular the investment policies and the risk factors. Investors should ensure they fully understand the risks associated with the investment and should also consider their own investment objective and risk tolerance level.
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Past performance and volatility are not indicative of future performance and volatility and are not constant over time and may be independently affected by changes in exchange rates. Performance data is net of management and performance fees but does not include the annual costs or fees and charges when issuing or redeeming units. It may further be reduced by tax imposed by the investor's country of residence. Any reference to market rankings or awards is not a reliable indicator of the future rankings or awards of the financial instruments or the management company. If figures presented on this website are denominated in a currency other than the investor's domestic currency, the investor's returns may increase or decrease as a result of exchange rates fluctuations.
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Edmond de Rothschild Asset Management (France) is a Société anonyme governed by an executive board and a supervisory board with capital of €11,033,769, located 47 rue du Faubourg Saint Honoré – 75008 Paris, France. The company is registered at the "Paris Registre du Commerce et des Sociétés" under reference number 332 652 536, as a portfolio management company authorised by the "Autorité des Marchés Financiers" under reference GP-04000015. Phone details: +331 40 17 25 25. The publishing director of the Asset Management section of the website is Christophe Caspar, Head of Group's Asset Management. Bruno Major, Head of Marketing, is responsible for the content of the Asset Management section of the website. The website is hosted by Umbraco Cloud via Microsoft Azure, with the data center located in the Netherlands. « Edmond de Rothschild Asset Management » or « EdRAM » is the commercial name of the asset management entities (including branches and subsidiaries) of the Edmond de Rothschild Group. It also refers to the Asset Management division of the Edmond de Rothschild Group.
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Important information
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This section of the website is intended for non-professional investors as opposed to professional investors as defined within the meaning of COBS 3 of the FCA handbook. This document has no contractual value and is intended for information purposes only. This website is not directed at any person in any jurisdiction where the publication or availability of the website is prohibited, due to that person's nationality or residence. Persons to whom such prohibitions apply must not access this website. Persons accessing the website are aware that they are solely responsible for compliance with applicable laws and regulation of their country of residence and/or citizenship. In doubt, they should seek advice from their independent tax advisor, legal counsel, and/or financial advisor.
Absence of advice or offer
The information provided in this website should not be considered as an offer or solicitation, to deal in any of the investments or funds mentioned herein, by anyone in any jurisdiction in which such offer or solicitation would be unlawful or in which the person making such offer or solicitation is not qualified to do so. The information on the website is being provided for informational purposes only and does not constitute an advertisement, a personal recommendation or an investment advice. This information is not exhaustive, is subject to change and may be modified or updated at any time by the Edmond de Rothschild Group without prior notice.
This website is not intended for citizens or residents of the United States of America or "U.S.Persons" as defined by "Regulation S" under the U.S. Securities Act of 1933. No investment product presented herein is registered under the Securities Act of 1933 or any other United States regulation. Then, they cannot be offered or sold directly or indirectly in the United States of America, to or to the benefit of residents and citizens of the United States of America and to «U.S. Persons».
Regulations concerning the marketing of financial instruments vary depending on the country and your status (as a professional client or equivalent). No UCI may be offered to an individual if the law in his or her country of origin or any other country concerning the individual or product prohibits it. The content of this website has not been reviewed or approved by any regulator in any jurisdiction.
You are solely responsible for choosing your country of nationality or residence and for selecting your country's website. You acknowledge that this choice is compliant with all laws and regulations applicable in your country of nationality or residence, otherwise this choice is made under your sole responsibility.
Regulatory information
The prospectuses and KIDs (Key Information Documents) approved and/or authorised by the relevant regulator of the UCIs presented are accessible from this website free of charge. All other regulatory documentation can be obtained from the management company of the relevant UCI. Any investment in a UCI or a product should be done after having read and understood the applicable legal documentation.
Edmond de Rothschild Asset Management (France) may receive UCI commission fees from Edmond de Rothschild Group companies in its role as a UCI distributor. These fees remunerate the selection and distribution of UCIs by Edmond de Rothschild Asset Management (France) and represent a portion of the commissions stated in the prospectus for the UCI (up to 50% of these commissions).
No assurance or guarantee
All data and material have been obtained from sources believed to be reliable, but their accuracy is not guaranteed. The data, comments and analysis provided in this website reflect the opinion of the Edmond de Rothschild Group and its affiliates with respect to the markets, their trends, regulations and tax issues, on the basis of its own expertise, economic analysis and information currently applicable. They are subject to modification without prior notice. Information provided in this website shall not be considered as any kind of undertaking or guarantee whatsoever from the Edmond de Rothschild Group and its affiliates.
Information on risks
Any investment involves specific risks. All potential investors must take prior measures and seek appropriate advice in order to analyse the risks and establish his or her own opinion independently of the Edmond de Rothschild Group in order to determine the suitability of such an investment to his or her own financial situation. Before making any investment decision, investors should read the relevant offering documents and in particular the investment policies and the risk factors. Investors should ensure they fully understand the risks associated with the investment and should also consider their own investment objective and risk tolerance level.
Risk of capital loss: investors may lose some or all of their original investment.
Information on investment performance
Past performance and volatility are not indicative of future performance and volatility and are not constant over time and may be independently affected by changes in exchange rates. Performance data is net of management and performance fees but does not include the annual costs or fees and charges when issuing or redeeming units. It may further be reduced by tax imposed by the investor's country of residence.Any reference to market rankings or awards is not a reliable indicator of the future rankings or awards of the financial instruments or the management company. If figures presented on this website are denominated in a currency other than the investor's domestic currency, the investor's returns may increase or decrease as a result of exchange rates fluctuations.
Legal Information/Roles and responsibilities
Edmond de Rothschild Asset Management (France) is a Société anonyme governed by an executive board and a supervisory board with capital of €11,033,769, located 47 rue du Faubourg Saint Honoré – 75008 Paris, France. The company is registered at the "Paris Registre du Commerce et des Sociétés" under reference number 332 652 536, as a portfolio management company authorised by the "Autorité des Marchés Financiers" under reference GP-04000015. Phone details: +331 40 17 25 25.The publishing director of the Asset Management section of the website is Christophe Caspar, Head of Group's Asset Management. Bruno Major, Head of Marketing, is responsible for the content of the Asset Management section of the website. The website is hosted by Umbraco Cloud via Microsoft Azure, with the data center located in the Netherlands.
« Edmond de Rothschild Asset Management » or « EdRAM » is the commercial name of the asset management entities (including branches and subsidiaries) of the Edmond de Rothschild Group. It also refers to the Asset Management division of the Edmond de Rothschild Group.
View the cookies policy
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View the personal data protection charter
When you access and use the Site, Edmond de Rothschild Asset Management (France) uses technical cookies considered essential in order to allow the main services of the Site to function optimally. You can technically block them using your browser settings, but your experience on the Site may be degraded. "The personal data collected from the website will be processed automatically by Edmond de Rothschild Asset Management (France), data controller, which can be contacted at Customer Services, 47 Rue du Faubourg Saint-Honoré, 75008 Paris ""clientservice-am-fr@edr.com"". The contact details of its Data Protection Officer are as follows: DPO Edmond de Rothschild (France), 47 Rue du Faubourg Saint Honoré 75008 Paris, "DPO@edr.com".
In the United Kingdom, you can contact the Compliance department of Edmond de Rothschild (UK) Limited "compliance@lcfr.co.uk."
This processing is carried out in order to manage your information requests and your relations with our firm, Edmond de Rothschild Asset Management (France). It is necessary to enable us to respond to requests made through contact forms on the website and for compliance with our legal and regulatory obligations.
The information required to obtain a response to a request are marked with an asterisk and failure to provide that information will prevent us from providing a response.
This data and, more generally, the information exchanged between you and our firm in the context of our relations, is confidential. This confidentiality obligation particularly concerns information relating to your identity and your personal situation or wealth. This confidentiality obligation will continue after the end of our relationship.
The recipient of this data is Edmond de Rothschild Asset Management (France). The data collected may be transferred to other entities in the Edmond de Rothschild Group or to third-parties, particularly data processors or partners located in France, European Union member states, the United Kingdom or in Switzerland (noting that the European Commission recognised via decision no. 2000/518/EC of 26 July 2000 that this third country offers adequate protection) for the purposes of management of information requests and relations with Edmond de Rothschild Asset Management (France), as well as the execution of the Edmond de Rothschild Asset Management (France) policy on preventing and managing conflicts of interest or to satisfy its legal and regulatory obligations, provided that such disclosure is restricted to a need-to-know basis. By providing us with such data, you consent to it being processed and communicated under the conditions described above and you release Edmond de Rothschild Asset Management (France) from its professional secrecy obligation in that respect.
All personal data will be kept in accordance with the various applicable retention periods, i.e. for five years after the business relationship ends should no shorter or longer period be specifically stipulated.
You have the right to ask the data controller for access to your personal data and to request the correction, deletion or restriction of its processing, as well as the right to object to its processing and the right to portability of your data.
Exercising the right to object to the processing of data shall prevent us from responding to requests submitted.
You also have the right to define the instructions for what happens to your data after your death.
If you are dissatisfied with the processing of your data, you have the possibility to submit a complaint to the French data protection registrar, the Commission Nationale de l'Informatique et des Libertés (CNIL), at the following address: 3 Place de Fontenoy, TSA 80715, 75334 Paris Cedex 07 – 01 53 73 22 22.
In the United Kingdom, the competent supervisory authority is the Information Commissioner (Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF. For more information: https: // ico. org.uk/.
You are informed that Edmond de Rothschild Asset Management (France) may record telephone conversations, particularly for certain transactions. You explicitly authorise Edmond de Rothschild Asset Management (France) to make such recordings.
You may opt out, in writing, from receiving marketing communications.
Finally, as a natural person, not acting in a professional capacity, if you do not wish to receive telemarketing calls (excluding contractual relations in progress), you have the right to be placed on the no-call list free of charge (Bloctel service).
Governing law
Use of this site and these terms and conditions are subject to French law. Any dispute arising in connection with the application of these terms and conditions and use of this site shall be referred to the French courts.
Hypertext links
The establishment by any person of hypertext links leading to this website without the prior approval of Edmond de Rothschild Asset Management (France) is prohibited. Before establishing any such links, it is your responsibility to request the permission of the Group Edmond de Rothschild. Your request should be addressed to the Marketing Department, 47 Rue du Faubourg Saint-Honoré, 75401 Paris, Cedex 08, France, or to the following email address: info@edram.fr.
Copyright
Edmond de Rothschild Group. Any total or partial reproduction of the content of these pages in full or in part is prohibited, except as stipulated below. The pages on the website may be downloaded onto a hard drive or printed for your personal use, provided this notice is printed on each copy, no alterations are made to any of the pages and no use is made of all or any of them in any other work or publication, using any medium whatsoever. The distribution or copying of all or part of these pages for commercial purposes is also prohibited.
Technical Warning
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