Investment strategy

BNP PARIBAS ASSET MANAGEMENT - TM Currency 1440x300
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BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
29 October 2018

A look at developed and emerging equity valuations to assess which now appear attractive, at least from a stock multiples viewpoint  

BNP PARIBAS ASSET MANAGEMENT - TM Small cap 1 1440x300
23 October 2018

Small caps are trading at a discount to large caps

BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
10 September 2018

We remain long equities and underweight fixed income, notably in the eurozone, but we trimmed our risk exposure

BNP PARIBAS ASSET MANAGEMENT - PV bond best selection world EM 1440x300
27 July 2018

Emerging market debt has been the subject of much interest over the last few years, but recent volatility has created uncertainty about the asset class. We are convinced that besides offering an attractive return/risk ratio and the potential for high returns, current valuations constitute an attractive entry point.

BNP PARIBAS ASSET MANAGEMENT - Finance 2 1440x300
16 July 2018

Watch out for the effects of factors such as rising interest rates and the end of central bank asset purchases

BNP PARIBAS ASSET MANAGEMENT - TM Infrastructure 1440x300
16 July 2018

Infrastructure debt offers investors attractive features from steady cash flow to credit quality

BNP PARIBAS ASSET MANAGEMENT - Finance 4 1440x300
11 July 2018

Foreseeing calmer markets over the next few months, we have identified several reversal themes

BNP PARIBAS ASSET MANAGEMENT - TM Currency 1440x300
20 June 2018

How can foreign currency exposure best be managed in institutions’ portfolios?

BNP PARIBAS ASSET MANAGEMENT - TM Real estate 1440x300
14 June 2018

When leading central banks stop playing the monetary policy tunes that many financial markets have been dancing to over the past decade – that jaunty ditty called quantitative easing, or QE as it is known by its abbreviation – the financial assets that were the winners under QE look set to become the losers, but there is one asset class that should continue to hum along nicely: US mortgage-backed securities (MBS), as fund manager John Carey explains.

BNP PARIBAS ASSET MANAGEMENT - Sustainable Food 1440x300
11 June 2018

Green bonds are meant to (re)finance projects with the ultimate goal of combating climate change or mitigating its impact

BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
8 June 2018

Three shocks hit markets: (i) an escalation of political risk, (ii) weakening growth (notably in Europe); and (iii) a stronger USD, which led to stress in emerging markets In Italy, market worries about fiscal excesses and the prospect of a clash between the new government and European authorities escalated. As a result, ‘peripheral’ eurozone debt sold off. Italian markets are likely to remain volatile in coming months as investors digest further news on political developments and economic data There are signs of a growth slowdown, notably in the eurozone, according to recent data. However, we find it difficult to call a turn in the economic cycle yet. While the data have weakened, activity is still expanding both in the developed world and emerging markets Emerging market stress was largely a consequence of higher US yields and USD strength. In our view, local debt offers value and currently lower US yields are reassuring, but we need to see the USD and global risk sentiment stabilise for EM debt to rally materially

BNP PARIBAS ASSET MANAGEMENT - Fund Review 1440x300
4 June 2018

Guillermo Felices reviews recent events and discusses their impact on asset allocation, focusing on any significant changes in the model portfolio.

BNP PARIBAS ASSET MANAGEMENT - Responsibility esg 1440x300
31 May 2018

Extra-financial factors are at the heart of BNP Paribas Asset Management’s (BNPP AM’s) investment philosophy. Environmental, social and governance (ESG) criteria are fully integrated in our investment decision process for our infrastructure and commercial real estate debt funds.

BNP PARIBAS ASSET MANAGEMENT - TM Currency 1440x300
18 May 2018

Join Adnan and Momtchil for our 23 May webcast

BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
4 May 2018

SUMMARY: As in February, US Treasury yields rose to the point where they ended up rocking markets, but this time the disruption was more visible in the US dollar and emerging markets than in equity markets / We see several factors for the rise: (i) US inflation and crude oil prices hit 2018 highs in April, (ii) US macroeconomic data have been robust enough for the US Federal Reserve to continue normalising its interest-rate policy, and (iii) rates markets have become more concerned about US Treasury debt issuance / The bar is quite high for further interest-rate increases in the near term, but when policy tightening does resume, we think this will not keep equity markets from rallying as long as the growth backdrop remains solid / The stronger USD reflects disappointing economic activity data in the G10 and emerging markets compared to the US. This is consistent with markets pricing in reduced expectations of central bank policy normalisation in Europe and Japan / Further USD strength is possible, but we doubt it can persist in the medium term unless the prospects for growth in the US continue to decouple from those for the rest of the world

BNP PARIBAS ASSET MANAGEMENT - TM Woman binocular outlook 1440x300
4 May 2018

Our general outlook for the rest of 2018 is for continued global growth with low but rising inflation worldwide. In this scenario, major developed market central banks will gradually reduce the extraordinary level of liquidity in financial markets.

BNP PARIBAS ASSET MANAGEMENT - Video Market Update 1440x300
3 May 2018

Guillermo Felices reviews the major events of the previous four weeks and discusses their impact on asset allocation, focusing on any significant changes in the model portfolio.

3 May 2018

There are not many obvious parallels between tobacco and healthcare, but when it comes to investment opportunities, there is one trend where healthcare – particularly consumer healthcare – appears to follow tobacco’s lead: a multi-year industry consolidation.

3 May 2018

Nutrition experts from Brazil and Canada last year published a disturbing report on the impending world health crisis arising from ultra-processed foods. These foods now account for more than half of all food purchases in developed countries including the UK and the US.

BNP PARIBAS ASSET MANAGEMENT - TM Factor investing 1440x300
30 April 2018

The market in US large-cap equities is the most liquid and competitive one among equity markets in developed countries.

BNP PARIBAS ASSET MANAGEMENT - TM Emerging markets 1440x300
20 April 2018

Local currency debt has become one of the largest fixed income universes over the past eight years, yet remains under-appreciated We can see a number of triggers for a pick-up in demand We believe growth is the main forward indicator for currencies The asset class offers multiple opportunities, collating a heterogeneous group of bond issuers including countries in different stages of the economic and monetary policy cycle

BNP PARIBAS ASSET MANAGEMENT - Finance 3 1440x300
20 April 2018

Infrastructure and real estate debt have become an essential part of asset allocation for investors looking for stable income from long-dated investment instruments. They typically have an attractive risk/return profile, bringing diversification benefits to investor portfolios alongside the potential to generate sustainable, inflation-beating investment returns. Join Pauline Fiastre, Senior Portfolio Manager, Infrastructure Debt, and Philippe Deloffre, Head of Real Estate Debt, for this webcast on why real assets should matter to investors. Pauline and Philippe will cover: the size and scope of the real asset debt market the current market environment across Europe why these ‘alternative assets’ can offer stable and predictable cash-flow the risk profile of these assets how environmental, social and governance (ESG) criteria can be a defining factor in selecting quality assets.

BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
10 April 2018

Concerns over inflation, less central bank accommodation / trade protectionism escalates / activity data disappoints / reducing equity exposure, macro view unchanged / adding to EMU duration underweight

BNP PARIBAS ASSET MANAGEMENT - TM Infrastructure 1440x300
5 April 2018

Karen Azoulay, head of infrastructure debt, discusses how BNP Paribas Asset Management (BNPP AM) is positioned at a time when governments are focusing more on renovating existing infrastructure and want to call on private funding to a greater extent.

BNP PARIBAS ASSET MANAGEMENT - Webcast 1440x300
3 April 2018

Guillermo Felices reviews the major events of the previous four weeks and discusses their impact on asset allocation, focusing on any significant changes in the model portfolio.

BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
29 March 2018

In a previous article, entitled “Avoiding the perils of the ‘drawdown’”, I explored the concept of ‘drawdowns’, the heavy losses that are the consequences of these episodes and some ways for reducing their impact. In this article, I will discuss the relationship between drawdowns and liquidity, based on the works of John Maynard Keynes and Nassim Taleb and lessons drawn from the  1987 and 2007 financial crises.

BNP PARIBAS ASSET MANAGEMENT - Infos 1440X300
29 March 2018

Financial markets have experienced another bout of volatility, this time related to an escalation in protectionism involving the US and China. An escalation of such tensions towards a full-blown trade war would be very damaging for global growth and certainly for global financial markets. We therefore describe two risk scenarios associated with such an escalation and present a road map to navigate them.

BNP PARIBAS ASSET MANAGEMENT - Responsibility esg 1440x300
26 March 2018

Programme promotes green finance including green bonds

BNP PARIBAS ASSET MANAGEMENT - Webcast 1440x300
7 March 2018

Guillermo Felices reviews the major events of the previous four weeks and discusses their impact on asset allocation, focusing on any significant changes in the model portfolio.

BNP PARIBAS ASSET MANAGEMENT - Finance 1 1440x300
7 March 2018

SUMMARY: Market review: the rebound in risky assets is ongoing, but prices are still below the pre-correction highs / Should we worry about inflation? We see a modest pick-up rather than a take-off / Can equities perform in a rising rate environment? Yes, but typically driven by strengthening earnings growth / Which safe assets can offer protection in Fed tightening cycles? No silver bullet; bonds may not offer shelter

BNP PARIBAS ASSET MANAGEMENT - TM Liquidity solutions
27 February 2018

“Optimise cash management via the money market and short-term bonds.” What are the options for managing cash in the current environment of negative interest rates? For Philippe Renaudin, Head of the Money Market team at BNP Paribas Asset Management, and Patrick Barbe, Head of the Euro Bond team, it is still possible to generate competitive returns through active management and opportunistic strategies.