Newsletter Macro Realities: from Armed Conflicts to Inflation

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– Thursday 26 October 2023 –
Q4 2023 Macro Realities: from Armed Conflicts to Inflation Quarterly update for institutional investors Prior to the outbreak of the Israeli-Palestinian conflict, markets appeared to have already embraced a “higher for longer” scenario. How could this armed conflict impact financial markets? Who are the most vulnerable economies and how can investors adapt their asset allocations to cope with these risks? How could investors benefit from Japanese loose monetary policy and avoid currency depreciation and the same time? By WisdomTree We answer all these questions in this new macro dedicated newsletter.

Marlene Hassine Konqui	Ahmed Khelifa, CFA
Expert in portfolio construction Co-head of the SFAF ETF commission Associate Director General BSD Investing	Asset allocator Head of the SFAF ETF commission CEO L’allocataire

	Macroeconomic realities: from Armed Conflicts to Inflation
	Prior to the outbreak of the Israeli-Palestinian conflict, markets appeared to have already embraced a “higher for longer” scenario. How could this armed conflict impact financial markets? Who are the most vulnerable economies and how can investors adapt their asset allocations to cope with these risks? We answer all these questions in the following article. Click here to read the full article.

	How to choose the right Strategy on Japan equities: Our tool for institutional Investors
	Japanese equities have taken investors by surprise with their strong performance, up 27.1% in H1 2023. Discover our Japan equities Leaderboard. Thanks to BSD Investing proprietary methodology, all funds either index or non-index can, now, be ranked together taking into account all their specificities (costs, performance, impact of stock selection either when creating the index or managing the portfolio on performance…). We have put in place two types of rankings based on BSD Investing unique proprietary database aiming at giving a fair view between active and passive fund performances: “Discover BSD investing leaderboards”.
	Market Voice: There is no alternative (TINA) to equities is still alive in Japan by Wisdomtree
	Japanese equities have taken investors by surprise with their strong performance, up 27.1% in H1 2023. With its loose monetary policy, the BOJ has been an outlier among major central banks like the Fed, ECB and BOE which have all been hiking interest rates. A combination of higher equity risk premiums, a weaker yen supportive of the Japanese export market, corporate reforms and attractive valuations have been important catalysts for equities. How could investors benefit from Japanese loose monetary policy and avoid currency depreciation and the same time? The answer by Aneeka Gupta — Director, Macroeconomic Research at WisdomTree : “Markets embrace longer theme”.
	BSD Investing & L’Allocataire model portfolio update
	Combining active & passive funds to build optimal portfolios
	Click here to discover the performances of our dynamic portfolio allocation. Our mixed approach between active and passive management on this profile has generated an outperformance of 7% compared to the MSCI ACWI index (world equities) over 1 year (until 30/09/2023), and is up 14.0% year to date (against 10.9% for world equities). It is a factual proof that the combination of active and passive strategies is an under-exploited performance driver.


	LATEST NEWS Which European equity income funds rank top in BSD Investing Best Fund Leaderboards ? Convinced of the need for new comprehensive selection methodologies that do not segregate passive and active management, BSD Investing and L’ALLOCATAIRE have decided to publish their fund rankings on a quarterly basis, the fruit of several years’ research and interdisciplinary collaboration. It is with particular emotion that we share with you our Leaderboard of the best funds in European Equity Income universe. Discover BSD Investing Best active funds leaderboard on European equity income funds.

	LATEST NEWS Podcast: Quality or Growth, which factor is the winner of interest rate hikes? How Factors Performed in the 12 Months Following the End of the Last 7 Fed Rate Hike Cycles? How did factor strategies perform in 2023? To get the answers, listen to the podcast below (in French) or read our article: “How did factor strategies perform in 2023, and are their valuations still attractive?”. Click here to read the full article.

	LATEST NEWS Newsletter: The Thematic Compass – Q3 2023 Thematic funds quarterly update for institutional investors What does the shift in flows and performance of thematic investing strategies tell us about market expectations? What are the actual stock market concentration levels and what lessons might investors in today’s largest firms learn from history? by MSCI How to avoid crowded stocks within a thematic strategy? By WisdomTree How to choose the right Thematic Strategy after the latest remarkable tech rally? In this newsletter, we delve into addressing these questions, offering comprehensive insights into the structure of thematic investing stock market , with a clear distinction between index and non-index funds Click here to read the full article.

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