Following the results of the elections in the United States, where the Republican Party emerged victorious, Wall Street reacted upwards, hoping for deregulation and tax cuts that would benefit North American companies, despite the increase in customs tariffs. decided by Donald Trump. also promised during the election campaign.
But Olivier de Berranger, CEO and director of co-investments at La Financière de l’Echiquier (LFDE), visiting Madrid to present the company’s strategy, assures that we will still have to wait a few months. while waiting to know who will make up the economic team of the 47th president of the United Statesespecially the Treasury Secretary, knowing that in his first term he had members of his traditional party whereas now they will be “MAGA fans”, jokes Berranger, referring to the fact that it will be about people convinced of the program that Trump intends to implement.
A program that includes a very strict immigration policy, with the intention of carrying out mass expulsions of irregular immigrants who would put pressure on the labor market. And this will be precisely, according to Berranger, one of the points that investors will monitor more closely, in an economy like the North American one which has so far shown resilience.
“Immigration policy will be the main drivers of inflation in the United States, more than the increase in customs tariffs”, estimates the CEO of the LFDE, for whom the FED will have reasons to analyze the way in which these measures are implemented. Indeed, the supervisor North America could feel under pressure at a time when we need to decide on the pace of interest rate cuts before it is too late.
In this context, risk assets occupy a central place, in particular industrial or pharmaceutical companies facing renewable energy companies or companies linked to the energy transition, but with the nuance, underlines Berranger, that “there will be a balance between this who promised and what he promised.” can do not to harm Elon Musk”, one of the main donors of the Republicans and owner of Tesla, the first manufacturer of electric vehicles in the United States.
With these things, and although the valuations of the North American stock market are very tight, the excess liquidity of investors, with 6,000 billion dollars of monetary funds, could constitute a shock to the markets.
Registration of new funds
Beyond the macro vision of the firm, Berranger’s visit made it possible to explain the the French manager’s projects in Spainone of the markets that they want to promote after the incorporation of Iván Díez Sainz as head of country for the Iberian market at the beginning of this year.
Since last year, LFDE has belonged to the LBP AM group, a management company owned 75% by La Banque Postale and 25% by Aegon Asset Management, and manages 27 billion euros of assets under management, after the integration by Tocqueville Finance.
Known above all for his strategies of small and mid capswhere it manages 4.3 billion euros, and thematic funds (with 6.2 billion euros), including the famous Artificial Intelligence Chessboard and Echiquier Space, the manager also wants to become known for his convertible and absolute return bond fundsin addition to wanting to promote the unlisted assets platform of LBP AM, where it manages €9.5 billion in corporate debt, infrastructure and real estate funds.
One of the singularities that characterizes La Financière de l’Echiquier, in the opinion of its CEO, is the strong conviction of the portfolios it manages, which leads it, for example, to having only around twenty securities in its portfolio. funds. Chessboard Equities World Growth.
