US equities
ConstructiveWe keep a constructive exposure to large caps, while monitoring valuation levels.
Markets & Research
Research before conviction
Our research is independent, written and built for decisions. It feeds all our businesses and underpins both our positions and our recommendations.
Market Perspectives
What we think today
Financial markets move through different economic environments, offering outlooks that vary by region and asset class. Through this analysis, we share our reading of the main current trends and the positions that follow from them.
Our views reflect a nuanced reading of markets, between opportunities worth favouring, selectivity and caution, depending on the conditions specific to each segment.
Indicative positions, subject to change. They do not constitute personalised investment advice.
Rates and credit
SelectiveWe favour credit quality and intermediate maturities over the pursuit of yield at any price.
European markets
ConstructiveThe relative valuation of several European markets remains attractive for a long-term investor.
Emerging markets
CautiousWe remain cautious, selective by country and attentive to currency and liquidity risk.
Investment research
Written, independent research built for decisions.
Our research principle
Our research is not designed to produce spectacular forecasts, but to reduce the uncertainty of the decisions we take for our clients. Every note we publish answers a precise question and concludes with a clear position, together with the conditions under which it would be invalidated.
We systematically document our mistakes. Research that never exposes itself to contradiction is not research: it is opinion.
What we cover
We cover asset allocation, equities, rates and credit, derivatives and hedging, macroeconomics and private markets. Our coverage extends to more than twenty key markets, principally in the United States, Europe and Asia.
How we publish
Our convictions and notes are made available to our institutional and professional clients. They feed directly into the decisions taken under our management and advisory mandates.
Our areas of research
- Asset allocation — Multi-asset portfolio construction, analysis of trade-offs between asset classes and overall risk management.
- Equities — Fundamental analysis, valuation and monitoring of US, European and Asian equity markets.
- Rates & credit — Analysis of yield curves, credit and financing conditions by region.
- Derivatives & hedging — Hedging strategies and management of the market and execution risks associated with derivative instruments.
- Macroeconomics — Tracking the economic cycle, monetary policies and their implications for financial markets.
- Private investment — Analysis of private markets, investment structures and exit conditions.
Risk Management
Risk management runs through the entire investment process.
P. CALDRAY MARKETS does not treat risk management as a step added once the investment is made. It runs through the entire process: research → screening → due diligence → allocation → execution → monitoring.
Market risk
Analysis of the potential impact of equities, interest rates, credit spreads, currencies and market volatility on the portfolio.
Concentration risk
Identification of excessive concentration in a single security, sector, region, asset class or investment strategy.
Liquidity risk
Particularly for private market investments: analysis of lock-up periods, exit mechanisms, secondary market liquidity and cash requirements.
Credit risk
For bonds, private credit and related investment structures: analysis of the credit quality of issuers, counterparties and underlying assets.
Scenario analysis
Testing the potential impact on the portfolio across different market environments: a rapid rise in interest rates, sustained high inflation, a sharp equity market correction, widening credit spreads, declining liquidity, sharp currency movements.
Global coverage and research
More than twenty key markets under continuous watch.
Our scope
We maintain continuous research coverage of more than twenty key markets. This coverage spans equities, rates and credit, macroeconomics and private markets.
Our objective is to hold ground-level knowledge of each market, rather than a uniform view built from models alone.
Regions covered
United States, Europe, Asia and emerging markets. The frequency of our publications varies by region and asset class, from daily monitoring for US and European markets to monthly monitoring for private markets.
How coverage is used
This coverage feeds directly into our convictions, our allocation recommendations and all our businesses. It forms the basis of periodic publications reserved for our clients.
Our coverage
| Region | Scope | Client use | Frequency |
|---|---|---|---|
| United States | Equities, rates, derivatives | Institutions · Professionals | Daily |
| Europe | Equities, rates, credit | Institutions · Wealth | Daily |
| Asia | Equities, macroeconomics | Institutions · Family offices | Weekly |
| Emerging markets | Equities, sovereign debt | Institutions · Selection | Weekly |
| Private markets | Equity, private debt | Family offices · Private clients | Monthly |
Our market coverage is monitored continuously and feeds all of our activities. It also underpins the periodic publications produced for our clients.