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CIO Letter

Nicolas Gonet


When it comes to economic and financial forecasting, uncertainty is quite common. It is part of our core business to incorporate it into our interpretations and scenarios. Its omnipresence is clear at the beginning of the fourth quarter of an unprecedented year: US elections with a highly anticipated and uncertain outcome, low visibility on the Covid-19 crisis exit point as well as its medium and long-term economic consequences, a never-ending Brexit and worrying geopolitical tensions.
The third edition of our quarterly CIO Letter – which reflects our Investment Policy and was launched last April at the height of the pandemic – integrates this very particular context and presents the explanations and convictions of our investment teams.
For our Establishment, which is celebrating its 175th anniversary this year and has therefore observed and managed many exceptional periods in the financial markets, such an exercise is permanent and constitutes one of the pillars of the relationship that unites us.
Happy reading to all!