Rebalancing César Pérez Ruiz, Chief Investment Officer, Pictet Wealth Management. The CDU/CSU conservatives won Germany’s election in a relief for markets, but they now face tough coalition talks. Smaller parties have a blocking minority that may make it difficult to push through reforms, including revisions to…

By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF SE. After the German election on 23 February 2025, a coalition government between the CDU/CSU and the SPD is emerging. It would be the fifth black-red coalition in the history of the Federal Republic after…

Launched five years ago with a focus on the transition theme, R-co 4Change Net Zero Equity Euro has upheld its ESG commitments while delivering a performance that stands out among other ‘climate’ funds. While its positioning has so far proven successful, should we now fear…

Prof. Dr. Jan Viebig Global Co-CIO, ODDO BHF AM. "Hope dies last. A clear reform agenda could revitalise growth and lead to greater prosperity and employment." Is Germany once again the "sick man of Europe"?, economics columnist Martin Wolf in an article for the Financial…

Bruno Cavalier, Chief Economist ODDO BHF Asset Management. KEY HIGHLIGHTS: For more than two years, monetary policy had been tightened almost everywhere in the world. Progress in disinflation from 2023 onward has enabled a reversal. Last year, policy rates were cut almost everywhere, except in…

Peace talks César Pérez Ruiz, Chief Investment Officer, Pictet Wealth Management. The S&P 500 rose 1.5% last week, coming back to life once inflation and other data had been absorbed. Despite the drumbeat of Trump tariff threats, equity volatility, as measured by the Vix index,…

By Prof. Dr. Jan Viebig, Chief Investment Officer, ODDO BHF Asset Management. The German economy is in a position of weakness, just as the global economy appears to be entering a more conflictual era. Trump has barrelled ahead with his promised tariff increases, which threatens…

Laurent Denize, Global Co-CIO, ODDO BHF AM. "For those watching the global AI race, DeepSeek’s development is a reminder that innovation doesn’t solely come from established giants. It can emerge from anywhere. No one can assume a permanent and consistent edge" On the morning of…

For the next four years, the 47th President of the United States' propensity for permanent power struggles will fuel the uncertainties surrounding global economic dynamics. With its international allocation, R-co Valor is necessarily exposed to these upheavals. How should we approach this new environment and…

Opening Salvo on Tariffs César Pérez Ruiz, Chief Investment Officer, Pictet Wealth Management. A mixed US January job report was not seen as changing the Fed’s wait-and-see stance and did little to sway the S&P 500, which declined -0.23% on the week (in USD). Despite…