Q4 2024 Quarterly Market Insights

Marco Pirondini, Amundi US Chief Investment Officer, and Jonathan Duensing, Head of Fixed Income and Portfolio Manager at Amundi US, provide their outlook for the rest of 2024.
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Global Opportunities Shift

We believe the slowing of the economy, led by developed markets, will persist on a global basis while inflation will continue to ease. At the same time, tight financial conditions in many countries could impact growth.
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Momentum for Quality Accelerates

We believe investors should seek to continue to add resilience to portfolios by incorporating high-quality assets that can help diversify away from the top of the market.
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Bonds take center stage

For most of the last year, savers have been earning a reasonable return in cash. But how long can these compelling cash rates last?
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Dynamic Markets, Agile Thinking

Market shifts suggest an agile approach with emphasis on value, quality and growth across asset classes.

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Latest Research and Insights

IT-Looking beyond the magnificent 7
12/04/2024 Investment Talks

Looking Beyond a Top-Heavy Market: Four Areas for the Future

Underneath the surface of today’s concentrated US equities market, sharp earnings recoveries may soon play out and structural and cyclical changes may create new winning and losing stocks. Although the market is mostly ignoring the valuation risks, we have seen signs that this market imbalance may be ready to unwind. Notably, a higher-than-average amount of S&P 500 returns is explained by company-specific factors rather than macro factors, and valuation dispersion is also high. For active managers, the key is not just to identify pockets of value, but paths to future value through revenue and earnings growth.

2025 Investment Outlook
11/15/2024 Investment Talks

2025 Investment Outlook: Bright spots in a world of anomalies

We are in an unconventional economic cycle phase characterized by a positive outlook alongside anomalies like market concentration and excessive debt levels. While global macro liquidity supports riskier assets, growing policy uncertainty and geopolitical tensions highlight the need for greater diversification. Escalating geopolitical tensions, increased economic frictions, and ongoing conflicts will require companies to form new partnerships and relocate their operations to mitigate risks. From a fixed income perspective, the gradual return to neutral monetary policies may emphasize bonds' income-generating function, with relatively higher yields compared to the past. We see appealing opportunities in investment grade and short maturity high-yield credit.

IT-Trump Victory
11/07/2024 Investment Talks

Trump victory: Key implications for investors

Former President Donald Trump will return to the US White House for the next four years and, with the Republican party also taking the Senate and possibly the House, a “red sweep” is the most likely outcome. Financial markets reacted by extending popular “Trump trades” – pushing up bond yields, the US dollar and equity futures – as investors assign higher odds of Trump turning policy proposals into reality. The inflation impact of Trump’s policies will pose risks to fixed income investments, and these could be amplified by concerns about US fiscal sustainability.

Products and Investment Ideas

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Dynamic Markets Agile Thinking

We anticipate fundamental market shifts in 2024 resulting from global dynamics and geopolitical events, and continue our agile emphasis on value, quality and growth across asset classes.

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Global Opportunities Shift

Look beyond near horizons to pockets of resilience and change in a transitioning economy.

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Bonds Take Center Stage

Rate cuts in 2024 may be the catalyst for reducing portfolio risk by moving allocations to longer-term, higher-quality bonds.

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Momentum for Quality Accelerates

Consider shifting equity holdings away from concentration risk by infusing quality across cyclicals, defensives and industries primed for the next-stage economy.

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Consider Low- or Uncorrelated Allocations

Market volatility is an expected undercurrent in 2024, and alternatives to traditional assets may offset the potential downside.

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Responsible Investing

At Amundi US, responsible investing is part of our heritage.

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