Investor Account Access
Investor access to Shareowner accounts and Closed End Funds accounts.
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.
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.
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.
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.
Look beyond near horizons to pockets of resilience and change in a transitioning economy.
Rate cuts in 2024 may be the catalyst for reducing portfolio risk by moving allocations to longer-term, higher-quality bonds.
Consider shifting equity holdings away from concentration risk by infusing quality across cyclicals, defensives and industries primed for the next-stage economy.
Market volatility is an expected undercurrent in 2024, and alternatives to traditional assets may offset the potential downside.
At Amundi US, responsible investing is part of our heritage.
Check the background of this firm on FINRA's BrokerCheck .
Before investing, consider the product's investment objectives, risks, charges and expenses. Contact your financial professional or Amundi US for a prospectus or summary prospectus containing this information. Read it carefully. To obtain a free prospectus or summary prospectus and for information on any Pioneer fund, please download it from our literature section.
Securities offered through Amundi Distributor US, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer mutual funds, Member
SIPC.
Not FDIC insured | May lose value | No bank guarantee Amundi Asset Management US, Inc. Form CRS Amundi Distributor US, Inc. Form CRS
We have become aware of a deceptive site (also known as a "phishing" or "social engineering" site) with a URL very similar to ours, which may have been established to try to trick investors into revealing passwords or personal/account information. Investors could receive emails from this URL containing links to this website or asking for passwords or personal/account information. Please note that we never would request such information via email, and investors should delete any unsolicited emails that attempt to do so. Investors should be careful only to use Amundi US’s official website at https://www.amundi.com/us .