Convictions

The case for diversification with multi-asset and alternatives

Enhance your portfolio with broader diversification

Multi-asset Best ideas h2 2025 cover

Key investment implications:

In a nutshell

 

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  • Private equity faces challenges from limited deal flow and slow exit activity, but opportunities exist in smaller transactions and secondary markets, which are expected to expand as investors seek liquidity.
     
  • Private debt is likely to show resilience, particularly in Europe, as listed bond markets  remain volatile. Floating interest rates, higher seniority and stronger protections provide clear benefits for investors.
     
  • Real estate offers attractive valuations, especially in Europe. Retail should remain resilient, well-located offices should stabilise, while logistics faces supply chain pressures. Residential and healthcare continue to benefit from demographic trends.
     
  • Infrastructure remains attractive for investors seeking inflation protection. Private capital is expected to play a growing role in financing infrastructure, supported by sustained investor appetite and the potential for solid performance.
Private markets views for H2 2025 - 2

  • Hedge fund returns remained nearly flat in H1. CTAs and Special Situations underperformed, while Global Macro, L/S Equity Neutral and EM-focused strategies outperformed.
     
  • Easing policy uncertainty may facilitate broader investment themes and support more fundamental-based pricing. However, investor caution may limit clear market trends.
     
  • The alpha environment is expected to be better than in H1 but still constrained. We maintain a positive view on L/S Equity Neutral, EM Fixed Income and Global Macro strategies, while our interest for L/S Credit grows.
Hedge fund views for H2 2025

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* Diversification does not guarantee a profit or protect against a loss.

Views as of June 2025. 

Source: Amundi Investment Institute, Mid-Year Outlook - Ride the policy noise and shifts, June 2025.

Marketing material for professional investors only

Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of August 2025. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.

Date of first use: 25 August 2025

Doc ID: 4744936