Dynamic Markets, Agile Thinking


We anticipate fundamental market shifts in 2024 resulting from global dynamics and geopolitical events. Diversification to value, quality and growth is expected to expand across asset classes while emerging regional alliances will require an active and agile asset management approach.


Investment ideas that could help investors fortify their portfolios

Global Opportunities Shift
Look beyond near horizons for pockets of resilience and change in a transitioning economy.

Bonds take Center Stage
Rate cuts in 2024 may be the catalyst for reducing portfolio risk by moving allocations from short- to longer-duration, higher-quality bonds.

Momentum for Quality Accelerates
Diversify equity holdings away from concentration risk by infusing quality across cyclicals, defensives and industries primed for the next-stage economy.

Consider Low- or Uncorrelated* Allocations
Market volatility is an expected undercurrent in 2024, suggesting that diversification to low- or uncorrelated assets may help offset the downside.

Read Amundi's 2024 Investment Outlook

  • Turning tides in growth, inflation and monetary policy could generate opportunities for investors to rotate from a more defensive to a more constructive stance during the year.
  • Adding duration is one of the mantras entering into 2024, as government bonds now offer an attractive asymmetric profile with appealing upside potential and limited downside.
  • With the peak of inflation, rates, and the US dollar likely behind us, we suggest investors reconsider emerging markets as a key performance engine.


Global Opportunities Shift


We believe the slowing of the economy, led by developed markets, will persist on a global basis while inflation will continue to ease. At the same time, tight financial conditions in many countries could impact growth. Some regions and sectors have benefited from seismic shifts over the last few years, and these changing market dynamics may offer investors differentiated sources of return. 



    Extend your reach





Bonds Take Center Stage

With the US Federal Reserve expected to implement rate cuts in 2024, investors may have timely opportunities to shift portfolios to longer-duration positions that can help manage portfolio risk. We believe bond market sentiment will also be subject to influences such as economic and inflation forecasts, energy pricing, unexpected climate events and regional conflicts.



Opportunities in fixed income





Momentum for Quality Accelerates


We believe investors should seek to continue to add resilience to portfolios by incorporating high-quality assets that can help diversify away from the top of the market. Cyclical investments, such as utilities and telecommunications, can provide opportunities. Later in the year, consumer and financial sectors and companies that typically benefit from the energy transition, healthcare and innovations in artificial intelligence may offer attractive opportunities.



Opportunities in equities




Consider Low- or Uncorrelated Allocations

In an uncertain market environment, investors may want to recalibrate their allocations for growth while seeking to protect portfolios from downside. Beyond a traditional core portfolio, asset allocations may include low- or uncorrelated assets such as interval funds, catastrophe bonds, and other unique sources of return. A highly diversified, cross-asset strategy may provide enhanced exposure and effective risk management.



Innovative opportunities


Diversification does not assure a profit or protect against loss. Duration: A measure of the sensitivity of the price of a fixed income investment to a change in interest rates. *Correlation - The degree to which assets or asset class prices have moved in relation to one another. Correlation ranges from -1 (always moving in opposite directions) through 0 (absolutely independent) to 1 (always moving together). 


Cyclicals: Stocks whose performance moves in sync with trends in the economy, often because they make or sell items and services that are in demand when the economy is doing well. Defensives: Stocks that generally provides consistent dividends and stable earnings regardless of the state of the overall stock market. Duration: A measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Inflation: A general increase in prices and fall in the purchasing value of money. Emerging markets: Economies of developing nations that are becoming more engaged with global markets as they grow.

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