Natixis Investment Managers
The latest research and outlooks in the ProAllocate library
- Portfolio Construction
AI still dominates, but is the market ready to broaden?
Natixis's Jack Janasiewicz and Brian Hess detail October model-portfolio trades—raising equity overweight, adding Treasury duration, and shifting to direct AI exposure via XLK and SOXQ—while arguing narrow AI-driven leadership could broaden if slowing CapEx financing lowers yields.
- Macro
Breaking down the US midterm results
Democrats won control of both chambers in the 2026 midterms but lack veto-proof or filibuster-proof majorities, so sweeping legislation is unlikely under a Republican White House. Policy will instead center on executive orders, deregulation, tariffs, and a looming 2027 debt-ceiling standoff.
- Equities
International equities quarterly update
Oakmark's David Herro argues that European equity exposure doesn't equal reliance on European GDP growth, since many companies generate revenue globally, and persistent pessimism about Europe lets value investors buy quality businesses cheaply.
- Macro
Midterms 2026: Inconsistency, Inflation and Instability Rejected by Voters
Romain Aumond and Mabrouk Chetouane argue that the Democrats' landslide 2026 midterm win curtails Trump's legislative power, likely producing gridlock rather than fiscal deterioration. They note markets have welcomed the shift to divided government, with equities, bond yields and the dollar reacting positively.
- Macro
US Midterm Elections: What Could Move Markets After the Votes Are Counted?
Loomis Sayles' Brian Horrigan argues that the 2026 US midterms' congressional margin, not just the outcome, will shape fiscal negotiations, with 2027 funding and debt-ceiling deadlines posing market risks. He also flags congressional oversight of Big Tech, AI and energy firms as a sector-specific risk.
- Equities
Asia ex-Japan: where growth meets value
Asia ex-Japan equities offer compelling value and growth, with 2026-27 earnings growth near 40% and historically low valuations driven by exposure to AI and semiconductor supply chains. Asian firms supplying AI infrastructure benefit regardless of which US tech giant leads, while also addressing data center sustainability concerns.
- Private Markets
VEGA Investment Solutions private assets – Q3 2026 quarterly views
Private markets face diverging fortunes in 2026: private equity and credit fundraising keep shrinking as capital concentrates in large platforms, while infrastructure and real estate show resilient deal activity despite higher-for-longer rates.
- Thematics
AI, the energy transition and the case for a broader investment perspective
An investment manager argues AI's surging data-centre power demand both threatens near-term net-zero progress and accelerates clean energy infrastructure build-out, while urging diversification beyond concentrated AI equity trades into software, electrification and healthcare themes.
- Macro
AI investment keeps growth afloat, but momentum may slow
Natixis Investment Managers Solutions' Garrett Melson argues AI infrastructure spending is becoming a durable floor under US growth rather than its sole driver, as housing, manufacturing and government spending stay weak. Hyperscaler capex is forecast to exceed $1 trillion in 2027, though growth contribution to GDP moderates.