The typical behavior of stocks and bonds is to move against the trend: when the stock markets slide, bond prices rise and vice versa. This is what makes balanced portfolios more robust over the long haul. 2022 was a terrible exception, with stock markets and prices simultaneously pushed into negative territory by the sudden increase in interest rates. A process which, once completed, has put the markets in a position to return to functioning in a “correct” and more predictable way in the medium and long term. There are always, however, market phases in which the inverse correlation jumps. «From time to time – recalls Steeve Brument, global head of Alternative investments at Candriam – extreme scenarios occur». And in any case, according to experts, it is worth broadening the scope of diversification, including alternative investments in the portfolio, capable of drawing on different sources of risk and return. The Courier Economy examined three different ideas: private markets, represented by shares, unlisted debt and infrastructure, hedge strategies and raw materials: they have very little in common, other than the ability to express a different risk and return profile and decorrelated to traditional asset classes.
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