Co-Chief Investment Officer
Another one bites the dust
28.10.2015 - Emmanuel Bourdeix
In a recent post "Are we dealing with a simple normalization of risk, or an exaggerated movement?", I underlined that the violence of the August and September equity markets correction could be explained by the overcrowded positioning of investors, forced by the quantitative easing policies led by central banks across the board to invest in the same asset classes with a worrying lack of heterogeneity.
This analysis was made from a top down/cross asset perspective. But recent events at the bottom up level bring another illustration of the extreme positioning of investors in the stock market. The events I refer to are related to the sudden and violent correction observed in momentum stocks during the first half of October. As a reminder, momentum stock picking consists in investing in the highest return stocks, with a view that they will keep on outperforming the market in the future.
Emmanuel Bourdeix holds an engineering degree from Ecole Nationale des Ponts et Chaussées and a DEA [post-graduate diploma] in probabilities and finance from Université Pierre et Marie Curie.
Emmanuel Bourdeix began his career in 1995 at Dresdner Kleinwort Benson as arbitrage analyst and structurer. In 1998, he joined CAAM where he acted as portfolio manager, then head of convertible bonds and volatility in 2002 and finally head of satellite equity management in 2006. In 2007, he was appointed deputy CEO of equity and diversified management and, at the inception of Amundi, head of equity Europe, world and emerging countries. In 2010, he became CIO equity, asset allocation & structured products of Natixis Asset Management.
Emmanuel Bourdeix is currently member of the executive committee, Co-CIO in charge of the investment divisions Seeyond*, European equities, Investment and client solutions, Global emerging of Natixis Asset Management.