2025 Investment Opportunities in Focus

As we step into 2025, our Financial Products team across London, Paris, Milan, Singapore and New York has spotlighted one of the most compelling investment opportunities, in their opinion, featured in our Investment Opportunities 2025 e-booklet.

These six investment opportunities reflect the evolving market dynamics which we think will drive 2025; from gold and silver plays to cybersecurity and crypto. 

Precious Uptrend

Rationale: The outlook for gold has turned bullish across the fundamental, technical, and flow of funds dimensions – and silver is coming along for the ride. The combination of central bank easing and geopolitical risks is the perfect macro setup for gold. Demand from central banks has been consistent for years, and U.S. retail investors are returning. Meanwhile, the possibility of a new industrial cycle under Trump should benefit silver.

Antonio Manfre
Co Head of FP Sales Italy

Yield Curve Steepener Hedge

Rationale: Sometimes you need to find the tail that’s wagging the dog. For these markets, it might just be the U.S. Treasury Yield Curve. The shape of the curve is not only a classic recession indicator, but it also impacts equity portfolios by creating different winners and losers. For example, lower short-term borrowing rates are positive for small caps (hence the Russell 2000 outperformance) and bad for large caps (which earn income on their cash balances). A steeper curve could be one of the greatest risks for traditional equity investors, especially if it comes with higher 10-year yields.  

Some factors pressuring the curve steeper include: lower short-end rates, a risk of tariffs from a trade war, a strong economy keeping pressure on inflation, and the risk of OPEC+ restricting supply to cause an oil shock.  

The spread between the 2-year to 10-year part of the curve might offer the simplest vehicle to express this view.

Carlo Ceriani
Co Head of FP Sales Italy

Cyber Storm is Coming

Rationale: Between geopolitical risks and developments in AI technologies, the “cyber storm” could arrive at any time. This tail risk is by definition a very hard risk to hedge. The sector will receive increasing attention as companies around the world ramp up spending on cyber defense to protect against emerging threats. A basket with key companies in the sector is a good way to position for this trend.  

The autocallable basket below, for example, is composed of Cisco (CSCO), Palo Alto Networks (PANW), and Fortinet (FTNT). Together, these three companies account for nearly 20% of the largest cybersecurity ETFs in the U.S., First Trust’s CIBR.

Martin Kummer
Investment Solutions

Ether’s Time to Shine

Rationale: While Bitcoin is seen as digital gold, Ether is considered crypto’s tech play – often compared to an app store or Nasdaq. Moreover, its smaller market cap and lower liquidity mean that any buying pressure could push the price higher more aggressively. Both have ETFs in the U.S., and after a slow start, inflows into the Ether ETFs are ramping up. On-chain data looks equally strong, showing that the Ethereum blockchain is being used for real economic activity.

Romain Joubert
Head of FP Sales France

Bloomberg Commodity Index 

Rationale: Commodity markets have been very choppy but implied and realised volatilities are at relatively low levels after the U.S. elections, equity markets are trading near all-time highs– in other words, the perfect time to position for what comes next. The broad Bloomberg Commodity Index (BCOM) has been trending higher recently but the underlying components have been mixed. For example, oil has dropped due to a reduced geopolitical premium, while gold has appreciated on concerns of escalating trade war.

Franck Fayard
Head of Financial Products APAC

Adaptive Market Strategy Indices

Rationale: The Adaptive Market Strategy (AMS) is a family of single strategy indices based on a combination of short-and-medium term technical signals coming from the core equity markets. Depending on the signal direction the AMSSPY Index can rebalance its exposure to its benchmark (SPY US ETF) to optimize its risk/return profile whilst limiting its overall volatility. 

The AMS can go long, short or stay in cash (remunerated at overnight interest rates) and utilises a dynamic leverage approach to optimise its risk/return profile. The AMS tends to match underlying risk asset performance during calm markets and significantly outperforms during periods of volatility.  

Various market signals are utilised in order to determine entry points. Leverage will be employed based on the strength of the trade signal.  

Since 2007, the AMS has generated an average of 17 new signals each year with ~90% of signals resulting in bullish trades.

Nestor Macias
Head of FP Latam Sales NY

Access the Full E-Booklet

*All requests will be reviewed internally before granting access to the 2025 Investment Opportunities e-booklet. Please note, this is for professional/institutional investors only and may not be shared.

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