Dynamic Markets, Agile Thinking

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. Some regions and sectors have benefited from seismic shifts over the last few years, and these changing market dynamics may offer investors differentiated sources of return.

With an overvalued US market, global stocks continue to offer value

The US equity market is trading at 24 times earnings, which is extraordinarily high. Marco Pirondini, Amundi US’s Chief Investment Officer, explains why investors may seek to overcome concentration risk by incorporating high-quality global stocks, which may offer lower valuations and attractive cash flows.

Pursuing Sustainable Income with a Multi-Asset Approach

As investors seek effective strategies to enhance income, we believe they should consider risk management and diversification^† while avoiding crowded sectors and overvalued securities. A flexible, global multi-asset approach can help investors pursue their capital preservation and income generation goals.

We believe investors can potentially generate income and capital appreciation by employing a global, multi-asset approach with the flexibility to invest across all geographies and asset classes.

Read our paper, Pursuing Sustainable Income with a Multi-Asset Approach

Global Growth Outlook

Diversification to both international and domestic US allocations can position portfolios for upside capture across the global markets.

globalOppsShift

Source: The Amundi Investment Institute. Data is as of October 8, 2024. Forecasts are by Amundi Investment Institute and are as of October 7, 2024. There is no guarantee that forecasts discussed will be realized. Past performance is no guarantee of future results.

Opportunities to Explore

Amundi US offers a variety of ways to tap into global trends and regional opportunities:

Pioneer International Equity Fund

Active integration of top-down macro themes and bottom-up fundamental analysis.

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Pioneer Global Sustainable Equity Fund

Invested in macro growth trends across varying sources of alpha and without geographical limitation.

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Pioneer Multi-Asset Income Fund

Alternative sources of income potential combined with dynamic asset allocation.

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*Prior to March 15, 2024, Amundi Funds Pioneer Global Equity, Amundi Funds Pioneer Income Opportunities.

^†Diversification does not assure a profit or protect against loss.

Definitions:

Alpha: measures risk adjusted performance, representing excess return relative to the return of the benchmark. A positive alpha suggests risk adjusted value added by the manager versus the index.

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