The economic divergences that started in 2014 will continue in 2015. The US faces the challenge
\nof tightening its monetary policy without harming the economic revival. The other regions must do
\neverything possible to support their economic growth.<\/p>\n
The end of the year was marked by some jittery phases, particularly in Europe, and we took these
\ninto account when drawing up our ten investment themes for 2015. We have divided our
\ninvestment themes into two main strategic areas: the search for yield and the opportunities in an
\nenvironment of low growth and low returns.<\/p>\n
For defensive investors, the quest for yield is still the main challenge. We think long-bond yields
\nwill rise, albeit gradually.<\/p>\n
There are some interesting opportunities, detailed in the first three themes below. <\/p>\n
Theme 1 \u2013 Opportunities in the bond universe<\/strong><\/p>\n This first theme covers the relatively risky segments of the bond market where the cost of carry is Theme 2 \u2013 The long-term appeal of investments with high dividends<\/strong><\/p>\n We have been recommending this niche for several years, keeping in mind that the quality of the Theme 3 \u2013 The appeal of flexible solutions<\/strong><\/p>\n Flexible solutions based on structured products and alternative investment funds enable us to The second strategic approach is intended for investors who are willing to take on more risk. In Theme 4 \u2013 Benefiting from the rising US dollar<\/strong><\/p>\n The US economy is outperforming the European economy; it is far ahead in this economic cycle. Theme 5 \u2013 Investment as a key support to growth<\/strong><\/p>\n The growth recovery will come in part from corporate spending by companies whose financial Theme 6 \u2013 A European revival<\/strong><\/p>\n For all its difficulties, Europe is changing slowly but surely. It is gradually becoming a more Theme 7 \u2013 Emerging markets, the race for change<\/strong><\/p>\n In the long term, the fundamentals of rapid economic growth and the development of world trade Theme 8 \u2013 Technology innovations and operational efficiency<\/strong><\/p>\n Technology innovations and operational efficiency will enable companies to rationalise costs and Theme 9 \u2013 Demographic dividends: benefiting from the ageing population<\/strong><\/p>\n This investment theme applies to the long-term horizon. It is not linked to the economic cycle Theme 10 \u2013 Opportunities in the currency markets<\/strong><\/p>\n The key point of this theme is the continuous rise in the dollar in 2015. Euro-based investors will According to Florent Bron\u00e8s, Chief Investment Officer at BNP Paribas Wealth Management: \u201c2015 BNP Paribas Wealth Management has published its global economic outlook for 2015,
\nattractive and durations are short. These segments include European and American \u201cHigh Yield\u201d
\nbonds, a selection of emerging corporate bonds and European convertible bonds. These segments
\nwill digest\u2014without too much difficulty\u2014a moderate rise in long-bond yields. This is our base
\nscenario for 2015.<\/p>\n
\ndividend is as important as the amount; the dividend must be secure in the future. Within this
\ntheme, listed real estate investments provide attractive yields, much higher than the cost of
\ncapital. <\/p>\n
\nbuild defensive strategies with low volatility. We highlight the \u201cRelative Value\u201d and \u201cLong\/Short
\nEquity\u201d strategies. Both are fairly insensitive to market movements and should not be penalised by
\nthe expected rise in interest rates.<\/p>\n
\nthe context of low economic growth and low yields, equity markets are preferred. The upward
\ntrend on stock markets in recent years will continue; any downturns should be considered as
\nopportunities to reinforce positions. <\/p>\n
\nThe Fed is going to start tightening its monetary policy at a time when the ECB will pursue its
\nunconventional, accommodative monetary policy. The dollar will remain strong and many stocks
\nwill benefit.<\/p>\n
\nsituation is improving, particularly in the US. In Europe, the Juncker Plan, that has just been
\nannounced, should help infrastructure spending. <\/p>\n
\nintegrated and more competitive region. The EU peripheral countries (Spain, Portugal, Ireland and
\nGreece) are further ahead in this process than France and Italy. However, we are confident in the
\ncapacity of the European stock markets to recover in the long run, partly due to the fall in the
\neuro.<\/p>\n
\nwill favour the emerging markets. For 2015, we will focus on countries that are implementing
\nmajor structural reforms, such as China, Mexico, India and Indonesia. <\/p>\n
\nimprove margins. New technologies are changing the competitive scene and are beneficial for the
\nleaders.<\/p>\n
\nbecause demographic cycles are very long. Healthcare, leisure, tourism and financial services are
\nsome of the sectors that are the most sensitive to this trend. Japan, with the oldest population in
\nthe world, is particularly concerned. <\/p>\n
\ntherefore have more possibilities than dollar-based investors. For euro-based investors, the
\nNorwegian krone and the Pound Sterling are attractive currencies. For dollar-based investors,
\nonly the Mexican peso and the Chinese yuan offer potential; both these currencies are also
\nattractive versus the euro, of course. In the short term, the Norwegian and Mexican currencies are
\nsuffering from the decline in oil prices because they are hydrocarbon-exporting countries. <\/p>\n
\nwill see a rise in volatility because central banks are facing different constraints (the beginning
\nof rate hikes in the US, the debate on the form of monetary accommodation in Europe, ongoing
\nreforms in China, elections and structural reforms in Japan). We recommend benefiting from
\nphases of uncertainty to increase positions in risky assets.\u201d <\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"
\nhighlighting ten main investment themes to enable its clients to direct their investments to
\ngrowth themes. <\/p>\n","protected":false},"author":20,"featured_media":39508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1483],"tags":[1809,1655,1659,1651,2087,1987,2068],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/39510"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=39510"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/39510\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/39508"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=39510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=39510"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=39510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}