Mid-Year Outlook 2026

MFN - EFGAM Hawkishness Indicator

The minutes of the latest monetary policy meetings of the Fed, ECB and BoE provide a window into their current thinking. In this Macro Flash Note, Economist Sam Jochim assesses the perceived hawkishness of each central bank with the help of EFGAM’s Hawkishness Indicator.

• 05 dicembre 2023

Three key themes for investing in AI

• 30 novembre 2023

MFN - Eurozone recession risk and bond yields

The latest data on growth and inflation in the eurozone were lower than expected and there is a clear risk that the economy is entering a recession. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at the implications for the European Central Bank’s monetary policy and eurozone bond yields.

• 09 novembre 2023

Inview November 2023

Inview - In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months.

• 09 novembre 2023

GLP-1 Drugs and Healthcare Disruptors

We believe the recent sell-off could represent an opportunity for us to establish or add to positions in the fund. Despite an attractive insular growth outlook, valuation multiples in both Medical Devices and Biotechnology have dropped more than one standard deviation below their long-term averages. For our fund specifically, the forward sales multiple has declined more than 38% since the start of the year. While we have a few names that have been directly impacted by the recent GLP-1 fervor (e.g., Dexcom, Intuitive Surgical and Shockwave Medical), the bulk of our portfolio is focused on next-generation diagnostics and breakthrough treatments that are unaffected by the potential fluctuations of the “waistlines” in the developed world.

• 26 ottobre 2023

MFN - IMF: navigating global divergences

The International Monetary Fund (IMF) recently released its latest World Economic Outlook (WEO). Its projections for global GDP growth are broadly unchanged relative to the April WEO and July WEO update but the risks to the outlook have become more balanced.

• 19 ottobre 2023