This first half has been one of the busiest in financial markets for years for several reasons:

• The Russian-Ukrainian conflict
• The return of inflation to historically high levels
• The US Central Bank rate hikes and in particular the historic rate hike on June 15th (+0.75%)
• The increased risk of recession due to successive rate hikes

These various events generated very significant volatility on the markets and caused a drop in almost all asset classes (excluding oil and commodities). For the first time in 10 years, bond funds experienced a severe decline and did not compensate for the decline in equity funds. In this very particular context, one asset class has shown its resilience: real estate. In fact, over this first part of the year, there is an upsurge in investments in real estate securities, through SCPIs, OPCIs and SCIs. Investors seek, in addition to yield, a certain stability, which this asset class offers them.

Moreover, SCPIs recorded a record amount of net inflows of 2.6 billion euros in the first quarter. An increase of almost 20% compared to the previous quarter. Within our firm, we observe the same trend, with a collection of 41% of this type of product during this first semester.

Vaneau Gestion Privée aims to provide you with the best investment advice. As such and depending on your investment horizons, opportunities on each of the asset classes mentioned are emerging, whether on certain equity funds or even bond funds (a first for years).

The second part of the year is therefore likely to be a pivotal moment in terms of investment choices.

For any additional information, do not hesitate to contact one of our wealth advisors on 01 45 03 80 95.