Pierre Gallice, overlay manager at Ellipsis AM, analyses the singular volatility dynamics in 2022 that set a new context for 2023: it presents an opportunity for robust portfolio construction. Read the full article on the Allnews.ch website.

"At the beginning of this year, we are back to particularly attractive levels, quite close to the low levels of the end of 2019, in a macroeconomic context that is nonetheless without equivalent. It seems to us that this creates a very strong risk/return opportunity from a robust portfolio construction perspective [...].

We therefore believe that the attractiveness of the protection premium levels, coupled with our portfolio construction methodology with a protection overlay, offers a real opportunity that would allow, particularly in a 1977-1985 type scenario, to cushion market declines while creating value in the medium-long term [...]"