Amundi Asset Management unveils its strategic investment forecast for 2026, emphasising diversification into European and emerging markets, green assets, and a reassessment of fixed income amid slowing global growth and rising geopolitical risks.
NH-Amundi Asset Management, backed by its second-largest shareholder and Europe’s top asset manager Amundi, has unveiled its global investment outlook for 2026, emphasising the need for broad diversification amid anticipated economic shifts. According to the announcement made on October 20, Amundi projects a slowdown in global economic growth next year but expects continued expansion supported by investments in artificial intelligence (AI) and accommodative monetary policies across various countries.
Despite the optimistic growth outlook, Amundi’s report highlighted potential risks, including persistently high market valuations, the concentration of capital inflows into US equities, and fiscal imbalances in the United States. To navigate these challenges, the company advocates moving away from portfolios heavily weighted towards US stocks and increasing allocations to European industrials, defence sectors, and emerging market equities.
Specifically, Amundi plans to adjust portfolio weightings using an equal-weight approach to reduce reliance on US stocks. It anticipates new investment opportunities in the second half of 2026 within European industrial, defence, infrastructure, and green transition-related equities, particularly small and mid-cap stocks. The firm attributes this view to a weakening dollar environment and rising defence expenditures, which they believe will bolster European equities.
Emerging markets also feature prominently in Amundi’s outlook. The asset manager sees meaningful prospects in Latin America, Eastern Europe, and select Asian regions, especially within digital asset sectors. India, in particular, is highlighted for its medium-term growth potential driven by government policies such as ‘Make in India,’ aimed at boosting manufacturing, consumption, infrastructure, and global supply chain repositioning. The anticipated dollar softness combined with a dovish stance from the US Federal Reserve is expected to sustain a rally in emerging markets.
Inflation hedging remains a focal point, with recommendations to include a diversified basket of commodities, gold, and currencies that benefit from a weaker dollar, such as the yen, euro, and certain emerging market currencies like the Brazilian real and South African rand. Infrastructure-related alternative assets are also regarded as promising, benefiting from structural trends like electrification, reshoring, and AI deployment.
On the fixed income front, Amundi advises reducing exposure to US Treasury bonds while increasing allocations in high-quality credit bonds. The asset manager maintains a cautious stance on Japanese government bonds but retains a positive view on European bonds.
Vincent Mortier, Amundi’s Chief Investment Officer, stressed the importance of diversification as a defensive strategy in environments characterised by high valuations and market concentration. Speaking to the media, he urged investors to balance portfolios across styles, sectors, sizes, and regions, with particular attention to emerging markets and European assets.
These strategic directions align with the broader trends observed in Amundi’s recent performance reports. The firm recorded strong net inflows of €15.1 billion ($17.6 billion) in the third quarter of 2025, surpassing analyst expectations, driven largely by robust demand for exchange-traded funds (ETFs) and growth in its Asian joint ventures. Assets under management hit a record €2.32 trillion ($2.71 trillion), marking a 5.7% year-on-year increase despite currency headwinds.
Amundi’s ETF business notably crossed the €300 billion mark in assets, reflecting a growing appetite for diversified, liquid investment vehicles. The company’s adjusted net income for Q3 rose modestly to €340 million, outperforming forecasts driven by management fees and technology revenues.
Strategically, Amundi has continued to reinforce its position in private markets, exemplified by its recent acquisition of a nearly 10% stake in the London-listed Intermediate Capital Group (ICG). This move is part of a broader 2025-2028 plan to expand into private equity and debt markets, with exclusive distribution rights and new fund launches planned to enhance its global offering.
The firm’s emphasis on diversification towards Europe is echoed by broader industry sentiment. Investment managers like M&G have increased European equity exposures, highlighting Europe’s relatively attractive valuations and improving fiscal conditions, such as Germany’s €500 billion infrastructure fund and commitments to bolster defence spending. Although European equities have underperformed US stocks recently, their forward price-to-earnings ratios and dividend yields present compelling attractions amid global uncertainties.
Amundi also faces strategic uncertainties, notably the upcoming expiration in 2027 of its distribution agreement with UniCredit, which oversees €88 billion in assets. While committed to the partnership, the firm has yet to finalise renewal terms and plans to reveal its updated strategic plan in November.
In summary, Amundi’s 2026 investment outlook underscores the necessity of broad-based diversification across geographies and asset classes. It highlights European and emerging market equities, infrastructure assets linked to technological and green transitions, and a recalibrated fixed income strategy as key components to navigate an environment marked by slower growth and persistent market risks. This comprehensive approach reflects Amundi’s ongoing commitment to adapt to evolving economic conditions and deliver resilient investment opportunities to its clients.
- https://www.etoday.co.kr/news/view/2527648 – Please view link – unable to able to access data
- https://www.reuters.com/business/finance/amundi-records-176-billion-q3-net-inflows-aided-by-etf-demand-2025-10-28/ – Amundi, Europe’s leading asset manager, reported better-than-expected net inflows of €15.1 billion ($17.6 billion) in Q3 2025, surpassing analysts’ forecast of €14.4 billion. This growth was fuelled by robust demand for exchange-traded funds (ETFs) and strong contributions from its Asian joint ventures. Amundi’s assets under management hit a record €2.32 trillion ($2.71 trillion), marking a 5.7% year-on-year increase, despite challenges from weaker U.S. dollar and Indian rupee values. The firm’s ETF business reached €300 billion in assets for the first time. Adjusted net income for Q3 rose 0.8% year-on-year to €340 million, beating the expected €323 million, driven by higher management fees and technology revenue that helped offset increased expenses. Total net revenue rose 4.9% to €815 million. Amundi addressed the upcoming expiration of its distribution deal with UniCredit in July 2027, which involves €88 billion in assets. While committed to continuing the collaboration, renewal terms remain undecided. Amundi plans to present its new strategic plan on November 18, which will reflect the uncertainty of UniCredit’s future contribution.
- https://www.reuters.com/business/finance/amundi-buy-10-britains-icg-private-markets-push-2025-11-18/ – Amundi, Europe’s largest asset manager, announced plans to purchase a 9.9% stake in London-listed Intermediate Capital Group (ICG) as part of its strategy to expand into private markets under its 2025-2028 plan. While the price was undisclosed, the stake is estimated at about £550 million based on ICG’s £5.5 billion valuation. The acquisition will make Amundi ICG’s largest shareholder and is structured in two parts: a 4.9% market purchase followed by ICG issuing new non-voting shares to Amundi, balanced by a buyback to prevent dilution. This move reflects broader trends among European managers seeking to rival U.S. firms like BlackRock and State Street by diversifying into higher-fee private asset classes. Amundi also secured a 10-year exclusivity deal to distribute ICG’s products globally via its wealth management channels, with plans to launch private equity and debt funds in 2026. Amundi’s strategic plan prioritises private markets and Asia, aiming for over €300 billion in net inflows from 2026 to 2028, half from Asia. The firm, which manages €2.3 trillion, also committed to returning at least 65% of net profits to shareholders and plans a 2026 share buyback.
- https://www.reuters.com/business/finance/amundis-assets-under-management-rise-6-etf-growth-uk-client-2025-04-29/ – Amundi, Europe’s largest fund manager, reported Q1 net inflows of €31 billion, surpassing analyst expectations of €27 billion. This pushed the firm’s assets under management (AUM) to a record €2.25 trillion, marking a 6% year-on-year increase. The growth was significantly bolstered by a €21 billion climate-focused equity mandate from the UK’s People’s Pension. CEO Valerie Baudson noted a market shift favouring European equities over U.S. counterparts, reflecting trends in exchange-traded funds (ETFs) amid political developments such as U.S. President Donald Trump’s tariff announcements. Despite concerns over market volatility, Baudson downplayed risks to Amundi’s portfolio and emphasised the company’s ongoing acquisition strategy. However, adjusted net income for the quarter fell 4.5% to €303 million, aligned with expectations due to a temporary corporate tax hike in France, which is set to cost Amundi €72 million in 2025.
- https://www.reuters.com/business/aerospace-defense/investors-see-european-stocks-compelling-bid-diversify-2025-09-22/ – Global investors are increasingly turning to European equity markets for diversification due to resilient returns and relatively lower valuations compared to U.S. stocks. Major investment firms such as Amundi and M&G Investments are shifting their portfolios toward Europe, citing attractive opportunities and improved fiscal outlooks. Amundi, managing $2.6 trillion, has increased exposure to Europe, Japan, and emerging markets, while M&G, managing $395 billion, is ‘overweight’ on European stocks. Supportive fiscal initiatives—like Germany’s €500 billion infrastructure fund and a euro zone pledge to increase defense spending to 3.5% of GDP—are contributing to positive investor sentiment. Despite the STOXX 600’s 9.2% gain year-to-date, compared to the S&P 500’s 13.3%, European equities remain more affordable, trading at 15.6 times forward earnings versus 25.3 for the S&P 500. The valuation gap, long influenced by structural sector and regulatory differences, is generating interest due to high dividends and overlooked opportunities in sectors like energy infrastructure, financials, and healthcare. However, risks such as U.S. tariffs, currency fluctuations, and economic uncertainty persist. Investors are nonetheless optimistic about Europe’s improving fiscal and market landscape.
- https://www.reuters.com/business/finance/amundi-records-176-billion-q3-net-inflows-aided-by-etf-demand-2025-10-28/ – Amundi, Europe’s leading asset manager, reported better-than-expected net inflows of €15.1 billion ($17.6 billion) in Q3 2025, surpassing analysts’ forecast of €14.4 billion. This growth was fuelled by robust demand for exchange-traded funds (ETFs) and strong contributions from its Asian joint ventures. Amundi’s assets under management hit a record €2.32 trillion ($2.71 trillion), marking a 5.7% year-on-year increase, despite challenges from weaker U.S. dollar and Indian rupee values. The firm’s ETF business reached €300 billion in assets for the first time. Adjusted net income for Q3 rose 0.8% year-on-year to €340 million, beating the expected €323 million, driven by higher management fees and technology revenue that helped offset increased expenses. Total net revenue rose 4.9% to €815 million. Amundi addressed the upcoming expiration of its distribution deal with UniCredit in July 2027, which involves €88 billion in assets. While committed to continuing the collaboration, renewal terms remain undecided. Amundi plans to present its new strategic plan on November 18, which will reflect the uncertainty of UniCredit’s future contribution.
- https://www.reuters.com/business/finance/amundi-records-176-billion-q3-net-inflows-aided-by-etf-demand-2025-10-28/ – Amundi, Europe’s leading asset manager, reported better-than-expected net inflows of €15.1 billion ($17.6 billion) in Q3 2025, surpassing analysts’ forecast of €14.4 billion. This growth was fuelled by robust demand for exchange-traded funds (ETFs) and strong contributions from its Asian joint ventures. Amundi’s assets under management hit a record €2.32 trillion ($2.71 trillion), marking a 5.7% year-on-year increase, despite challenges from weaker U.S. dollar and Indian rupee values. The firm’s ETF business reached €300 billion in assets for the first time. Adjusted net income for Q3 rose 0.8% year-on-year to €340 million, beating the expected €323 million, driven by higher management fees and technology revenue that helped offset increased expenses. Total net revenue rose 4.9% to €815 million. Amundi addressed the upcoming expiration of its distribution deal with UniCredit in July 2027, which involves €88 billion in assets. While committed to continuing the collaboration, renewal terms remain undecided. Amundi plans to present its new strategic plan on November 18, which will reflect the uncertainty of UniCredit’s future contribution.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The narrative aligns with Amundi’s 2026 Global Investment Outlook, published on 19 November 2025. ([about.amundi.com](https://about.amundi.com/article/2026-global-investment-outlook-keep-it-turning?utm_source=openai)) The earliest known publication date of similar content is 19 November 2025. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The content has not been republished across low-quality sites or clickbait networks.
Quotes check
Score:
10
Notes:
Direct quotes from Vincent Mortier, Amundi’s Chief Investment Officer, are consistent with those in the original report. No variations in wording or earlier usage were found. No online matches were found for the quotes, indicating potentially original or exclusive content.
Source reliability
Score:
10
Notes:
The narrative originates from Amundi, a reputable organisation. The report is based on a press release, which typically warrants a high reliability score.
Plausability check
Score:
9
Notes:
The claims regarding global economic growth, AI investments, and accommodative monetary policies are plausible and align with current economic trends. The recommendations to diversify portfolios away from US stocks and increase allocations to European industrials, defence sectors, and emerging market equities are consistent with Amundi’s strategic focus. The emphasis on inflation hedging and infrastructure-related alternative assets is supported by recent market analyses. The tone and language are consistent with Amundi’s previous communications.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is recent and aligns with Amundi’s 2026 Global Investment Outlook published on 19 November 2025. The quotes are consistent with the original report, and the source is highly reliable. The claims are plausible and in line with current economic trends and Amundi’s strategic focus. No discrepancies or signs of disinformation were found.