Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Fiera Capital. This analysis is provided for institutional research purposes only and is not investment advice.
"Fiera Capital expects sustained inflation over 12-18 months driven by energy shocks, AI supply stress, and trade uncertainty, keeping central banks on hold and growth at trend. The firm maintains defensive positioning with underweights to equities and bonds, overweights to private credit, real assets, and private equity, and 17.5% cash."
Fiera Capital expects a 'Sustained Inflation' environment over the next 12-18 months, with inflation remaining persistently above central bank targets driven by Middle East conflict energy shocks, AI boom supply-side stress, and trade policy uncertainty. While the tentative U.S.-Iran peace deal has eased the worst-case outcomes, risks remain skewed to the upside. The Federal Reserve is likely to remain on hold rather than tighten aggressively, allowing the economy to shift towards a trend-like pace rather than stagflation or recession. This environment argues for a defensive stance on equities and bonds, with the firm maintaining underweight allocations to both asset classes. Cash provides a place to hide given increased market turbulence potential. The challenging backdrop for traditional 60/40 portfolios underscores the case for private markets strategies, with the firm maintaining overweight allocations to private credit, real assets, and private equity. These non-traditional sources provide relatively stable return profiles, lower volatility, inflation protection, and diversification benefits with low correlations to public markets. The firm has reduced traditional capital appreciation exposure by 10%, eliminating emerging market equity and reducing international equity, while increasing cash to 17.5% from zero.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.
