AMUNDI 
Vincent Mortier, Chief Investment Officer at Amundi, shares his analysis of equity market exposure in a context where already expensive assets are appreciating further, making valuations, especially in Western markets such as the US and Europe, increasingly difficult to justify. Against this backdrop, he identifies a growing opportunity in Asia, particularly China, where companies offer promising economic prospects, innovation and good earnings momentum at prices well below those in the US.
Mortier is critical of the prolonged bull run in equities in the US and Europe as excessive, and suggests China as an attractive alternative. He also sees potential in South Korea, Japan and India, despite high valuations in the latter case. Asia represents a significant overweight in the Group's investment strategy, while positions are more measured in the US, with the exception of certain sectors deemed affordable.
He admits that most of his clients are still reluctant to invest in China, mainly because of political uncertainties, concerns about the property sector and fears of sanctions. However, Mortier stresses his interest in innovative sectors in China, such as advanced technology and renewable energy, where the country is taking the lead, as well as in traditional sectors benefiting from rising consumption and better production qualities.
As for the overall assessment of equity markets, he maintains that they are overvalued by around 20%, arguing that current forecasts are too optimistic.
