Asset management.

In June 2025, Edmond de Rothschild Asset Management launched EdR SICAV Mission Europa, a European equity strategy aimed at supporting and strengthening European sovereignty.

Diversified across four complementary pillars (Security, Competitiveness, Innovation, and Finance), this strategy aims to support the continent’s structural transformation at the intersection of defense, the energy transition, and innovation.

Anthony Penel, the fund manager, discusses the challenges associated with this topic in this interview.

Multilateralism has never faced such challenges since the creation of the United Nations at the end of the Second World War. However, the COPs are the result of global agreements under the auspices of the United Nations. In this context, hopes for the next COP, scheduled to take place in Antalya, Turkey, from 9 to 20 November (a few days after the US "Midterms" elections on 3 November), may seem slim.

• US inflation is accelerating due to rising energy prices, whilst indicators of economic activity and confidence point to a gradual slowdown.

• Geopolitical tensions and uncertainties over energy supplies are keeping price pressures high, both in the US and in China.

• We remain positive on duration, favouring short and intermediate maturities, and have increased our exposure to equities.

• Trump refrains from attacking Iran ahead of the elections, but the conflict continues to provide lasting support for energy prices.

• Inflation remains elevated, while the Fed and the ECB are gradually adopting a slightly more accommodative tone.

• Short- and intermediate-term bonds remain preferred, while technology stocks benefit from strong earnings prospects.