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BANQUE RICHELIEU: “ ow to invest well in 2023”

Interview by Milena Radoman

2022 will have been a difficult year for the financial markets. Nicolas Rajner, Deputy Chief

Investment Officer at Banque Richelieu, discusses the investments that held out in 2022 and, above
all, strategies to be favoured in 2023.

What stood out to you the most in 2022? What are the other markers to consider? In summary, if you wanted to make money in
Market volatility? The conflict between Russia and Ukraine and 2022, you had to have a lot of dollars, energy
Where do I start he smiles . 2022 has been the resulting geopolitical instability have had and not have bonds We chose very defensive
a truly exceptional year, from all points of a cascade effect on the price of raw materials allocations, with a high level of cash (around
view. Where, in the past we had decorrelated and energy, in particular for Europe which 10%) for portfolios. On the equities side, we
asset classes, that is to say which did not is closer to the epicentre of this crisis. The invest in companies in the health and energy
undergo movements in the same direction drastic containment measures in the face sectors (stocks like Total, Shell and so on).
at the same time, equities and bonds lost in of the resurgence of Covid have also put American tech has suffered a lot, in particular
value and posted negative performances in the Chinese economy at half mast this year the GAFAM groups - Google, Alphabet, Amazon
parallel, which is extremely rare! In general, and it is a driver of the world economy. The etc - which have been strongly impacted
we build portfolios with two large blocks in ruling party only took support measures at by the rise in rates (the asdaq recorded a
a spirit of diversification and this year this the end of the year, after the re-election of performance close to minus 30% in 2022).
diversification did not work. In 2022, two Fed President i inping but there is a positive
rate hikes were expected. In the end, there factor for the end of the year: following public And which products should we go for in
were many more, seven in total, including demonstrations, there has been a relaxation 2023?
four increases of 75 basis points in interest of anti-Covid rules so a possible restart of For 2023, particularly in the first quarter, our
rates. There was a very abrupt change in the Chinese economy is expected in 2023. convictions on the equities part primarily
monetary policy. This is the equivalent of target sectors combining defensive
what we experienced in the 70s in the Volcker What investments should be chosen to characteristics - because economies
era, with rates rising very steeply and quickly. avoid a crisis like 2022? are entering recession - but also growth
characteristics, such as health: for example,
pharmaceutical laboratories that have already
integrated new Biotech companies or that
have drugs that will go into production for
diseases where there is a great need, such
as in oncology, as with Sanofi and ovartis.
We also like cybersecurity products. Once
monetary policies in 2023 stabilise a little,
these stocks should regain favour with
investors, specially in an increasingly digital
world, with serious threats in the IT security
and information systems segment.
Third priority theme: energy transition. We
manage a certificate that takes up the pillars
of the European plan for ecological transition
(mobility, energy, circular economy). It’s a
combination of themes that can perform
quickly but also to which we want to be
committed in the long term.

How do you avoid greenwashing on these
products?
© Depositphotos / lightsource We are not looking to invest only in stocks
with ESG characteristics but in players active
in the energy transition. For example, in the
circular economy, we are invested in Waste

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