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Risk backdrop remains supportive: loose financial conditions, strong buyback activity, fading tariff risks, and retail flows
AI capex outlook: hyperscaler investments are projected to rise by +49% in 2025 and +18% in 2026, providing a strong market tailwind.
Valuations: historically elevated levels raise concerns around market frothiness and increase vulnerability to higher (real) yields.
Our main investment themes are the following:
Artificial Intelligence: Demand is accelerating from hyperscalers and governments at the start of the innovation cycle, while supply remains constrained. Our exposure is diversified across electronics & semiconductors and AI applications in Asia and the US.
Industrials: We focus on companies benefiting from structural themes such as electrification, reindustrialisation, and aerospace, with a preference for European exposure supported by German fiscal stimulus.
Financials: We are increasing allocation to quality names (S&P Global, Mastercard, Tradeweb) while maintaining selective exposure to emerging market banks (Kotak Mahindra, Itaú Unibanco, Banorte).
North America | 60.8 % |
Asia | 22.8 % |
Europe | 12.4 % |
Latin America | 2.7 % |
Asia-Pacific | 1.1 % |
Eastern Europe | 0.3 % |
Since its creation in 1989 by Edouard Carmignac, our Investissement strategy seeks to identify long-term trends in a changing world and seize global equity market opportunities.
Market environment
Markets have been climbing the wall of worry for most of the summer.
In August 2025, equity markets posted solid gains globally, with major indices such as the S&P 500 and Nasdaq reaching new record highs. These gains were primarily driven by a small group of mega-cap technology firms, including Nvidia, Microsoft, Apple, and Amazon.
At Jackson Hole, following the release of July’s US non-farm payrolls—which suggested a slowing labour market—Powell opened the door to potential mid-September rate cuts. This fueled expectations of an aggressive cutting cycle.
European markets underperformed in local currencies, with France lagging in particular due to political uncertainties.
Chinese onshore equities rose to decade highs, supported by optimism around anti-involution reforms, strength in the technology sector, and incremental government measures aimed at boosting the equity market.
The euro appreciated against the dollar over the period, creating a divergence between local currency and euro-denominated index performances.