News / BOS Carmignac – On the eve of a paradigm shift for multi-asset funds?

BOS Carmignac – On the eve of a paradigm shift for multi-asset funds?

  • When: 15h40 – 16h10
  • FSMA accredited*: 0,5 points bank (B600 014) / 0,5 points insurances (A700 011)
  • Register here

On the eve of a paradigm shift for multi-asset funds?

The coming end of negative interest rates and asset class correlation as we know it reinforces the importance of a flexible allocation to optimize performance.

The deceleration of global growth, persistent (geo)political uncertainty, threats of sticky inflation, and the more hawkish stance adopted by developed Central banks, have pushed government bonds, corporate bonds and equity markets in a simultaneous bearish momentum.

A tug of war between recession fears and faith in policy support

Over the short term this environment is very challenging and clearly painful from a performance standpoint, but also a source of upcoming opportunities. Indeed, this challenging environment will also be a driver of future returns as one takes advantage of the dramatic sell-off of corporate bonds and equities to cherry-pick some idiosyncratic names and build the future return potential of the portfolio. Over the mid to long-term, prospects are more hopeful: Fiscal support could alleviate the worst of energy-price inflation and supply chain disruptions and transformation.

Shifting from a “central bank put” to a “fiscal policies put”

The end of unconditional and extraordinary monetary policies means the end of indiscriminate market increases, and the potential of true alpha generation thanks to selective and active management, especially given the recent reset of major indices in the past months. The coming end of negative interest rates and asset class correlation as we know it reinforces the importance of a flexible allocation to optimize performance. Finally, the return of volatility means the need for an active management of risks, to protect the book’s long-term opportunities.

This is what we seek to achieve through our multi-asset European fund, Carmignac Portfolio Patrimoine Europe. The Old Continent, which is particularly affected and exposed, is a decidedly complex region, but if you invest wisely, you can turn this complexity into a series of opportunities.

Speakers FIF 2022

Kevin Thozet, Portfolio Advisor and Member of the Investment Committee

Kevin joined Carmignac in 2019. He started his career as an English translator and Editor before joining the asset management industry in 2007 as Request For Proposals Manager (RFP) at Axa Investment Managers. In 2011, he joined Edmond de Rothschild Asset Management as Head of the RFP team, before moving to a position of Product Specialist covering Asset Allocation & Sovereign debt portfolios, and finally a position of Head of Product Specialists. Kevin holds a Master’s degree in management from Paris Dauphine University as well as Master’s degree in bilingual journalism from the Paris Sorbonne University.


*This breakout session is accredited by Edfin vzw. Co-organiser of the Fund Insiders Forum. In order to acquire FSMA credit points, we are required to scan your ticket at the entrance.

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