“去美元化”阵营又添一员！欧洲最大资管：正减持美元资产

Core Viewpoint - Amundi, Europe's largest asset management company, is reducing its exposure to dollar assets and shifting focus towards European and emerging markets due to concerns over the weakening dollar and unpredictable U.S. economic policies [1][4]. Group 1: Company Strategy - Amundi's CEO, Valerie Baudson, suggests clients reduce dollar asset holdings over the next year, warning of a continued decline in the dollar if U.S. economic policies remain unchanged [1]. - The company has been diversifying its asset allocation for the past 12 to 15 months, advising clients to maintain a highly diversified investment approach [1]. - Amundi's assets under management reached a record high of €2.4 trillion, driven by a record net inflow of €88 billion for the year [4]. Group 2: Market Trends - The dollar has depreciated significantly, falling over 10% against a basket of major currencies in the past 12 months, with a notable drop to a four-year low at the end of January [3]. - The decline in the dollar has led to a surge in gold prices, which nearly doubled, reaching close to $5,600 per ounce in late January [3]. - Emerging markets experienced their best performance since 2017, largely driven by the weakening dollar, with expectations for continued growth into early 2026 [2]. Group 3: Industry Response - Other major asset management firms, including PIMCO and Wellington Management, echo Amundi's sentiment, indicating a shift towards diversification away from U.S. assets due to unpredictable policies [4]. - Wellington Management's Natasha Brook-Walters has increased long positions in emerging markets and is buying euros and Australian dollars to express concerns over the dollar [4]. - Fidelity International's Becky Qin has significantly reduced dollar exposure in her $7 billion asset portfolio, anticipating further dollar weakness [4].