Opening the event, Vincenzo Vedda, Chief Investment Officer at DWS Group, offered a clear-sighted assessment of the global macroeconomic landscape. He identified Washington’s recent tariff hikes on many trading partners as the defining event of the year. Yet despite the turbulence, his outlook remains optimistic. “So far, the sharp rise in equities doesn’t feel like a bubble,” he said. “Growth is being driven by earnings, not speculation, and while valuations are high, they’re still below those seen in past bubbles.” Vedda highlighted opportunities in European banks as well as small and mid-cap stocks. And while gold has surged more than 50% recently, he still views it as a useful safe haven, albeit one that now requires a more cautious approach.
During a panel on thematic investing moderated by Hind El Gaidi, Head of the Luxembourg Office at ICG and president of the LPEA, three asset managers discussed where investors are currently focusing their investments. Michael Stewart, Head of Equities Business Strategy at Amundi, pointed to the growing strength of the defense sector, especially among retail investors. “Their perception of this sector has changed dramatically over the past few years,” he noted. “There’s now a strong awareness of Europe’s strategic need to ensure its own security. Defense has become a structural, long-term allocation.”
Artificial intelligence was another major theme. Interest remains concentrated on the “Magnificent Seven,” but Omar Moufti, EAMA Head of Sector, Themes & Commodities at iShares by BlackRock, observed that investors are starting to look beyond the tech giants.
“Beyond the major AI infrastructure players, investors are exploring the broader ecosystem, robotics, cybersecurity, critical metals, and even Chinese tech,” he said.
Meanwhile, Luigi Antonaci, Head of Equity at Eurizon Capital, underlined the growing popularity of ETFs, not only among retail investors but also within institutional portfolios.
“Institutional investors have been a major driver of ETF growth,” he explained. “They value the flexibility, liquidity, and transparency that ETFs offer, allowing them to rebalance portfolios quickly. ETFs don’t replace traditional funds, they complement them, especially for tactical strategies.”
In a conversation with Douglass Welch, Managing Director at Pemberton Asset Management, Corinne Lamesch, Deputy CEO of ALFI, emphasized the strong performance of private assets and their growing role in portfolios. “Private equity remains the biggest engine of growth, but private credit is growing fast,” she noted. Welch attributed this momentum to a generational shift and the transition of family-owned businesses to new ownership models involving private equity. “Once private equity gets involved, financing must be available to take the next step,” he explained. “Private debt has an increasing influence on portfolio composition and is becoming an increasingly important player in the financing of SMEs and the real economy.”
Watch the full replay here.