Candriam – Pieter-Jan Inghelbrecht, Johann Mauchand, Steeve Brument

In recent years, traditional portfolio constructions — most notably the classic 60/40 equity/bond allocation — have served investors well. They are simple, have been effective over the long term, and have historically offered diversification. The macroeconomic environment presents notable challenges — persistently volatile inflation expectations, structurally higher interest rates, and elevated geopolitical tensions — highlighted by ongoing trade conflicts and rising protectionist policies. The increased correlation between equities and bonds fundamentally alters the effectiveness of traditional portfolio construction.