Strategy Focus - Reflections on 2024 and convictions for 2025

A look back to 2024: Another good vintage 
Convictions for 2025: A year of economic policies choices

• Continued economic outperformance by the United States, while Europe remains weak, and uncertainties persist in Asia ;

• Trade policies to the fore ;

• Monetary policies at different pace ;

• Tensions and rivalries on the fiscal/industrial policy front.

Our investment convictions for 2025

1. Equities: towards a broadening of the US performance;

2. Equities: favourable contagion to the European markets;

3. Sovereign bonds: Europe and the United States out of synchronization;

4. Corporate bonds: European credit still attractive;

5. Currencies: A dollar still strong;

6. Currencies: The yen, the only currency that could surprise against the dollar;

7. Real estate in France: Not enough interest rate cuts to impulse a dynamic;

8. Private Assets: a favourable context for private debt and infrastructure.

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