Jacques-Aurélien Marcireau, Co-Head of Equities at Edmond de Rothschild Asset Management (France)
Strong conviction of Edmond de Rothschild Asset Management for over a decade: data is the quintessential strategic asset.
A global equity strategy with a technology tilt
Edmond de Rothschild Asset Management's strategy, focused on the theme of Big Data, invests in international companies that are pioneers in the digital revolution, with the aim of capitalizing on the value generated by data across all economic sectors.
Whether it is insurers assessing risk using vast data sets, semiconductor giants such as Nvidia , or players specializing in the cloud, data has become the cornerstone of modern business models. As Jacques-Aurélien Marcireau, international equity fund manager, points out, “an artificial intelligence algorithm is only as good as the quality of the data fueling it.”
Over the past ten years, this conviction has become widely acknowledged: where its relevance had to be proven in 2015, everyone now recognizes the transformative nature of data and its central role in the economy. This dynamic is further enhanced by the recent emergence of generative AI.
A cautious approach in response to geopolitical uncertainty and market volatility
The political context and changes in the US administration call for a cautious approach. Volatility, which does not spare high potential investment thematics such as technology, requires stepping away from market noise and focusing on stocks whose growth relies on tangible fundamentals. This philosophy favors a long-term view: Nvidia, for example, has been in the portfolio since 2015 but has recently been underweighted to take into account more uncertain market conditions. The goal is not to chase stock market fads, but to invest in stocks displaying a potential for intrinsic growth, regardless of market fluctuations.
“We have a strong bias towards services that generate recurring income via user subscriptions, meaning they are rather immune to the business cycle. We have therefore strengthened our positions in vertical specific software, particularly in the insurance and healthcare sectors.” says Jacques-Aurélien Marcireau. The healthcare sector, where the integration of generative AI is still in its infancy, offers considerable potential. Medical data remains compartmentalized for now, but its eventual unification could benefit the entire ecosystem, from patients to innovation providers. Currently, healthcare accounts for 10% of the portfolio, with players such as Illumina1, a leader in genomic sequencing.
Strict discipline on valuations and a strong European focus
Valuation remains an essential compass. Investing in innovation means accepting a degree of risk, but Edmond de Rothschild Asset Management maintains strict discipline when it comes to valuations. This pragmatic approach is part of the firm's DNA: focusing on the long term rather than short-term performance.
Geographically, EdR Fund Big Data is currently overweight in Europe, where attractive opportunities remain. Technology stocks linked to digital sovereignty, cloud, cybersecurity, data infrastructure, benefit from a favorable valuation differential compared to US giants.
Solid resilience during periods of stress
During the panic phase early this year, Edmond de Rothschild AM's Big Data strategy proved resilient. On the other hand, it did not fully benefit from the gains recorded by technology indices during the market rebound phase. “We fully accept this performance asymmetry, which stems from our conservative and balanced approach”, notes Jacques-Aurélien Marcireau.
Ten years after its launch, the Big Data strategy implemented across several funds represents more than €3.4 billion in assets under management2. Edmond de Rothschild AM remains as convinced as ever that data will continue to be a key driver of structural transformation and central to value creation in the future.
1. The information on securities should not be construed as an opinion by Edmond de Rothschild Asset Management (France) on the foreseeable performance of said securities and, where applicable, on the foreseeable performance of the price of the financial instruments they issue. This information cannot be interpreted as a recommendation to buy or sell these securities.
2. Source: Edmond de Rothschild Asset Management. Data as of 30/09/2025.
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October 2025. This document is issued by the Edmond de Rothschild Group. It is not legally binding and is intended solely for information purposes. This document may not be communicated to persons located in jurisdictions in which it would be considered as a recommendation, an offer of products or services or a solicitation, and in which case its communication could be in breach of applicable laws and regulations. This document has not been reviewed or approved by a regulator of any jurisdiction. The figures, comments, opinions and/or analyses contained herein reflect the sentiment of the Edmond de Rothschild Group with respect to market trends based on its expertise, economic analyses and the information in its possession at the date on which this document was drawn up and may change at any time without notice. They may no longer be accurate or relevant at the time of reading, owing notably to the publication date of the document or to changes on the market. This document is intended solely to provide general and introductory information to the readers, and notably should not be used as a basis for any decision to buy, sell or hold an investment. Under no circumstances may the Edmond de Rothschild Group be held liable for any decision to invest, divest or hold an investment taken on the basis of these comments and analyses. The Edmond de Rothschild Group therefore recommends that investors obtain the various regulatory descriptions of each financial product before investing, to analyse the risks involved and form their own opinion independently of the Edmond de Rothschild Group. Investors are advised to seek independent advice from specialist advisors before concluding any transactions based on the information contained in this document, notably in order to ensure the suitability of the investment with their financial and tax situation.
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EDMOND DE ROTHSCHILD ASSET MANAGEMENT (FRANCE)
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