June 2023

Story of the month As the first-quarter 2023 earnings season draws to a close, it's clear that it could be summed up in the phrase: "Content Generative AI frenzy". ODDO BHF AM would therefore like to devote this Fund Insight to a few examples of…

Story of the month Eagerly awaited by the various stakeholders for several weeks, the US Treasury Department on Friday May 12 presented the detailed requirements for clean energy development projects potentially eligible under the Inflation Reduction Act (IRA) to benefit from the tax credit bonus…

In collaboration with Pictet Asset Management. Governments across the world have intensified efforts to secure an ever bigger slice of the environmental tech market. The US and Europe are engaged in a battle for clean tech supremacy. Each is introducing new incentives to develop home-grown…

Despite short-term price weakness, gold’s long-term prospects are untarnished. Luc Luyet, Currencies Strategist Pictet Wealth Management. Having risen to record nominal highs, gold prices have weakened over the past five weeks.  We see this decline as a consequence of deteriorating investment demand because of the…

Bruno Cavalier Chief Economist ODDO BHF AM. Key highlights: The global economy continues to slow but has avoided a recession so far. Consumers have withstood the inflation shock thanks to a high level of employment and ample savings. Now, unemployment is likely to rise again…

Macroeconomy There is a wide divergence between strong purchasing-manager index (PMI) data for services and much weaker data for manufacturing, particularly in advanced economies. With declines in order backlogs and the increase in inventories in goods industries are pointing to an end to the economic…

Prof. Dr. Jan Viebig Global Co-CIO ODDO BHF AM. The financial markets have had to deal with a close succession of extraordinary events in recent years. We want to give our view on central questions investors are asking us frequently. 1. How will interest rates…

Luca Paolini, Chief Strategist, Pictet Asset Management said: “China's re-opening has failed to deliver a market rally, US banking sector remains jittery and inflation is proving sticky. We extend our already cautious stance by shifting more positions to neutral.” Asset Allocation: We favour bonds over…

Union Bancaire Privée The Fed has decided to be on a pause in June at 5.0%-5.25%, but the FOMC has opened the window for potential two other rate hikes over the rest of this year. According to the Fed, risks remain on the upside on…

Laurent Denize, Global Co-CIO ODDO BHF AM. Recent underperformance of European small caps It is well established by financial theory (Fama & French) and empirical observations that, over a long period, European small caps have consistently outperformed large ones. However, over the past two years,…