Outlook
& news.

Making gold more responsible and traceable

•    The year began with Donald Trump’s shift to an interventionist and international policy.
•    Within the zone, activity data has remained positive and credit has continued to recover.
•    In this environment, we have maintained our approach with a modest positive allocation to fixed income, a neutral position on equities and a negative view on the dollar. Our constructive view on credit and emerging fixed income markets is unchanged.

The expenses race is stepping up, and not just among hyperscalers.

Please find below our 2026 investment strategy and the latest edition of our Outlook & Convictions, a publication by the Private Banking Investment team and our Group's experts. 

Anne-Laurence Roucher rejoint le comité exécutif d'Edmond de Rothschild Asset Management avec pour objectif de diriger et de développer les activités liées aux actifs non-cotés 
Cette création de poste vise à développer un plan stratégique ambitieux afin de favoriser la croissance de ces activités 

By Sébastien Cavernes, CIO Edmond de Rothschild Gestion (Monaco).

•    In the United States, the latest figures confirm a slowdown in jobs creation and inflation, reinforcing expectations of further rate cuts. However, equity markets remain under pressure due to lingering doubts about AI.

•    In Europe, markets were briefly lifted by news on the Ukraine conflict.

•    In Asia, Japan stood out in a positive way. The Tankan corporate confidence survey hit its highest level in 4 years despite trade tensions with the US.

Allocation d'actifs : Investir au milieu d’une bulle
Benjamin Melman, Global CIO AM

Marchés obligataires crédit : L’année 2026 s’annonce favorable aux marchés de crédit !
Alain Krief, Responsable de la Gestion obligataire

Actions européennes : La valse à 3 temps
Caroline Gauthier, Co-Responsable de la Gestion Actions

Actions internationales : 2026, une année structurante pour les actions, « la fin du prologue »
Jacques-Aurélien Marcireau, Co-Responsable de la Gestion Actions

Philosophie de gestion : Défense européenne : un investissement décorrélant
Anthony Penel, Gérant actions européennes  

•    The Fed cut rates by 25 basis points for the third consecutive time, triggering a rise in equity markets.
•    In Europe, the probability of an agreement with Russia increased after Volodymyr Zelensky said a referendum on ceding control of some Ukrainian territory could be held, which eurozone equities higher.
•    In China, exports rebounded in November while imports remained flat, a sign that Chinese domestic demand is still soft.

Edmond de Rothschild Asset Management was recently awarded the prize for Best Regional Global Bond Company at the 7th edition of the Quantalys France Harvest Group Awards. This award, which concludes a trophy-filled 2025, recognizes our EdR SICAV Financial Bonds and EdR SICAV Corporate Hybrid Bonds funds. These two strategies, based on proven expertise, perfectly illustrate our commitment to offering our clients innovative investment solutions that provide diversification in the fixed income markets.

Congratulations to our investment teams: Julien de Saussure, Benjamine Gouraud, Nicklaus Miguel Raminhos, Marc Lacraz, Vianney Hocquet, and Daniela Savoia.

Edmond de Rothschild Asset Management unveils its investment outlook for 2026, focusing on the following key themes: 

We are delighted to announce that Edmond de Rothschild Asset Management has been awarded 3 prizes in the following categories by H24 Finance at the Grand Prix de la Finance:

•    EdR Fund Big Data: 1st prize in the “Technology Fund” category
Our thematic fund focused on Big Data, which recently celebrated its 10th anniversary, has secured first place. This is a great recognition for this pioneering strategy designed to capture the potential of data and gain diversified exposure to the technological revolution.

•    EdR SICAV Tricolore Convictions: 3rd prize in the “French Equities” category
This flagship fund illustrates our long-term expertise in the French market and the relevance of our stock-picking approach.

•    EdR Fund Human Capital, our thematic equity fund launched in 2021, won 3rd prize in the “Human Capital” category

We would like to thank the members of the Grand Prix de la Finance jury, as well as our clients and partners, for their trust and support.