Azimut Group

Central bank monetary policies in Europe and the United States continue to shape global economic prospects. While interest rates were repeatedly cut last year, the focus has now shifted to inflation management and labor market stability, as markets assess the potential for a new cycle of monetary easing. Following an initial contraction linked to the balance sheet reductions of the G4 central banks, liquidity has resumed growth in recent quarters, supporting economic activity. At the same time, attention has turned to the deterioration of public finances in France and the United States, where widening spreads and a steepening yield curve are creating new opportunities in the fixed-income space. As highlighted in the latest edition of Azimut Global Perspective, in a context of evolving monetary policies and shifting dynamics in the bond markets, the management team maintains a constructive stance. The strategy focuses on extending duration during sell-offs, particularly along the long end of the U.S. curve, where it sees value above 5%. It anticipates a potential cut in short-term U.S. rates, with limited upside for short-duration bonds. On the credit side, the team favors subordinated debt and emerging markets, which continue to offer attractive value despite tighter spreads. Jacopo Turolla, CFA #Azimut #AzimutGroup

Since the beginning of April, investor complacency has increased, supported by the Federal Reserve’s monetary easing, improved trade relations between the U.S. and China, and advances in the corporate sector and artificial intelligence. However, markets have largely overlooked a growing number of warning signals. Former President Trump has reignited the tariff dispute with China, while the credit market has seen several notable defaults, including Tricolor and First Brand, rekindling concerns about lending standards within the banking system and among private debt funds. As Jamie Dimon aptly noted, “when you find one cockroach, there are usually many more hiding.” The AI sector, meanwhile, exhibits circular funding dynamics reminiscent of the late 1990s tech bubble, while the ongoing U.S. government shutdown, sovereign rating actions in Europe, and equity valuations at record highs further add to the complexity of the current environment. Despite these factors, investor optimism remains elevated, driven by expectations of earnings growth, interest rate cuts, and record inflows into ETFs. Azimut emphasizes that, even in periods of euphoria, maintaining a slightly more cautious approach remains advisable. Explore these themes further on our website: https://bit.ly/3JmjHld #Azimut #AzimutGlobal #GlobalView

Congratulations to Azimut Investment Management Singapore Ltd. and the team on three prestigious recognitions at the WealthBriefingAsia EAM Awards 2025.   These achievements reflect the Azimut Group's unwavering commitment to excellence, innovation, and sustainable growth.   By enhancing our position in global asset and wealth management, we remain dedicated to delivering long-term value for our clients.   #Azimut #AzimutGlobal 

Global politics take center stage. The shutdown of the U.S. federal government on October 1 has delayed the release of the employment report originally scheduled for October 3. Estimates suggest that the furlough of federal employees could reduce real GDP growth by approximately 0.1–0.15% (annualized quarterly rate) for each week of closure, followed by a comparable rebound in the subsequent quarter. However, if the shutdown were to be prolonged, it could have more tangible effects on the availability of federal goods and services. In Japan, the unexpected election of Sanae Takaichi as leader of the Liberal Democratic Party led to a depreciation of the yen and Japanese government bonds, while equities rallied. Takaichi, an outspoken advocate of expansionary fiscal and monetary policies, recently emphasized that “monetary policy should remain the exclusive responsibility of the Bank of Japan." She has also pledged to pursue responsible and proactive fiscal management, with a focus on long-term debt reduction. In France, political turbulence has intensified following the sudden resignation of Prime Minister Sébastien Lecornu, less than 24 hours after his cabinet was formed. President Emmanuel Macron now faces a critical decision: appoint a new prime minister or call early elections—both paths presenting significant challenges for securing parliamentary majorities. Azimut is closely monitoring these developments, providing in-depth analysis to support informed investment decisions in a rapidly evolving global political and economic landscape. Explore these themes further on our website: https://bit.ly/48Ho591 #Azimut #AzimutGlobal #GlobalView

Azimut continues to grow, recording total net inflows of €1.9 billion in September (€15.3 billion year-to-date), demonstrating the strength of its diversified business model. The Total Assets reached €123.1 billion, with a 14.5% increase since the beginning of the year, driven by global momentum and strong demand for managed solutions. The Group confidently reaffirms its 2025 targets and its commitment to presenting the new strategic plan “Elevate 2030,” updating the growth roadmap and capital allocation strategy. Read the official press release: https://lnkd.in/dGBv76Mv #Azimut #AzimutGroup

The Italian private equity market showed vitality and consolidation in 2024, with higher invested capital, fundraising capacity, and a significant return of international players. Focus remains on the mid-market and external growth operations, supporting supply chains and international expansion of portfolio companies. The most attractive sectors include high value-added manufacturing, consumer goods, ICT, which stood out as the most dynamic sector in 2024, medical, and biotech. The Sicer exit by Azimut Demos 1, with revenues rising from €69 mln to €123 mln and EBITDA from €12 mln to €27 mln, generated a return of approximately 3x the invested capital, confirming the effectiveness of company selection and support. The new Azimut Eltif – Private Equity Demos 2.0 program aims to invest in 7-9 Italian SMEs, integrating ESG principles and a Strategic Committee to enhance the growth potential of portfolio companies. Azimut Demos 1 is now closed to new subscriptions. Marco Belletti #Azimut #AzimutGroup #MarketingCommunication

"We see that the labor market is softening and we don’t need it to soften anymore, and we don’t want it to". In these words, @Jerome Powell, Chair of the Federal Reserve, explained the resumption of the monetary easing cycle with a 25 basis point rate cut, prompted by the deterioration in the labor market. In Europe, the ECB maintained key interest rates while signaling a more balanced approach. President Lagarde emphasized that inflation remains aligned with the target and that policy is appropriately calibrated. Azimut’s Investment Committee maintains a neutral view on major asset classes, highlighting that any market corrections could present an opportunity to strengthen positions. In this context, diversification remains a cornerstone for navigating the autumn phase of global markets with resilience. Explore these themes further on our website: https://shorturl.at/QdFTP #Azimut #AzimutGlobal #GlobalView

In 2025, Artificial Intelligence stands out as one of the most powerful drivers of global economic and political transformation. On the one hand, companies are benefiting from massive efficiency gains – UPS saves over $200M annually, while JP Morgan exceeds $1.5B. On the other hand, new labor dynamics are emerging, with significant workforce reductions at multinational giants such as Meta and Procter & Gamble. On the regulatory front, Trump’s return has accelerated a deregulatory push, dismantling many of Biden’s safeguards. The goal is clear: attract private capital and move as quickly as possible toward AGI – Artificial General Intelligence – with long-term economic and geopolitical implications. Azimut translates these dynamics into concrete investment strategies: exposure to key AI enablers such as semiconductors and software, but also to sectors set to benefit from AI adoption, including industrial automation, cloud computing, pharmaceutical research and development and advanced mobility. A trend reshaping industries and markets, and one of the cornerstones of our long-term vision. Saverio Papagno #Azimut #AzimutGroup

The U.S. labor market has sharply slowed: monthly and annual revisions have erased more than one million jobs from previous estimates. In August, during the Jackson Hole symposium, Jerome Powell had already signaled that it was time for the Federal Reserve to change course — and the subsequent data have made this choice inevitable. Today, the most likely scenario is three consecutive 25-basis-point rate cuts by the end of 2025. An important signal: the Fed is not acting out of panic, but rather responding to a rapidly deteriorating labor market. The rest of the U.S. economy, however, still shows resilience: consumption, income, and confidence remain on solid levels, while concerns about renewed inflationary pressures linger in the background. Everything will play out in the upcoming FOMC meetings and in the new dot plot, which will provide a clear indication of the medium-term interest rate path. Explore these scenarios on Azimut Global View: http://bit.ly/3K1BGxj #Azimut #AzimutGlobal #GlobalView

Azimut continues to stand out in the market, reporting total net inflows of €1.5 billion in August, 77% of which were directed to managed solutions. Year-to-date, total net inflows have reached €13.4 billion, confirming the strength and growth of the Group’s international platform. Total assets reached a new all-time high of €119.5 billion, up 11.2% since the beginning of the year, supported by contributions from activities in over 20 countries and by its leadership in private markets. Azimut looks with confidence to achieving the 2025 annual target, revised upwards to €28–31 billion, continuing on a path of sustainable and diversified global growth. Read more on: https://lnkd.in/dGBv76Mv #Azimut #AzimutGlobal