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The Rebound in European Private Debt Operations Experienced in 2024 Will Continue This Year

Private credit was one of the most in-demand assets among private market investors in 2024. Not only did it gain popularity, but European market operations rebounded over the past twelve months, reinforcing its appeal. According to experts at Pictet AM, this trend is expected to continue in 2025.

“It is important to note that this is a growth asset class, starting from an approximate value of €400 billion, which is only a third of the size of this market in the U.S. It is also expanding into small and medium-sized enterprises, which are increasingly turning to direct loans, as traditional bank financing is difficult to obtain,” explain Andreas Klein, Head of Private Debt, and Conrad Manet, Client Portfolio Manager, both from Pictet AM, in their latest analysis.

They argue that smaller transactions, especially those aimed at growth or transformational capital—where direct loans are the primary alternative to banks—are largely shielded from competitive dynamics. This contrasts with the larger-volume end of the market, where renewed competition from syndicated and high-yield loans generates excess capital, lower interest rates, and weaker protective clauses.

“In fact, yield-to-maturity spreads in European direct loan operations have declined by nearly 1% since early 2023 in the core and upper-middle segments, falling below 6% for the first time. Some loans have even been issued at 4.5% and 5%, often without creditor covenants. This has coincided with historically high levels of investment capacity, to the point that private equity and private debt funds now hold a record $2 trillion available for investment. A weak mergers and acquisitions market has contributed to this, creating a scarcity of opportunities. As a result, loan transaction margins have shrunk, with a relaxation of protective clauses,” the experts highlight.

However, they clarify that the reduction in margins in the lower-middle market—defined as transactions with companies generating up to €15 million in operating profit—has been more modest, around 0.2%. This is because there are fewer private debt funds competing in this segment, and banks have a limited presence due to capital constraints, particularly regarding credit lines. “In this lower-middle segment, yield spreads remain stable, and risk parameters are more controlled, leading to an improved risk-adjusted return premium compared to the more traditional, higher-volume segment. Specifically, leverage is decreasing in the lower-middle market, with more transactions closing at less than four times debt/EBITDA. Additionally, strong protective clauses for investors prevail in this segment,” Pictet AM analysts emphasize.

Another factor investors value in direct loans is their relatively low default rate. According to the experts, default rates have risen to around 6% in syndicated loans but remain below 2% on average in direct loans. However, they caution that default rates could rise due to lingering inflationary pressures and a potentially slower pace of interest rate cuts by European central banks compared to previous cycles. This could create tensions, particularly in more cyclical and leveraged segments, such as high-yield and leveraged loans.

“However, in 2025, we expect the lower-middle segment of direct loans to benefit from improving economic conditions and a rebound in M&A activity. That said, Europe’s economic recovery may not be uniform, and volatility is possible. Therefore, we are focusing on less market-sensitive and less volatile sectors such as medical technology, software, and business services. These sectors provide diversification, more stable income, and better capital preservation. On the other hand, we are avoiding more cyclical segments within the industrial and consumer sectors. Additionally, while most of the market continues to issue loans with light protective clauses, we hold single-lender positions, allowing us to structure customized agreements that better protect capital,” add the experts at Pictet AM.

They acknowledge that smaller companies can be riskier but emphasize their focus on businesses operating in and dominating niche markets with high entry barriers and limited competition. “Often, these companies exhibit the defensive qualities of major industry leaders—sometimes even better. Moreover, private equity funds tend to overweight loans to private equity-owned businesses, where transaction volume is higher, though potentially offering less value. However, maintaining a significant proportion of loans to company founders can be a strength if the right network is in place. That’s why our portfolio balances loans to private equity-owned companies with direct loans to founders, providing an additional layer of diversification,” they note.

Overall, Pictet AM expects that in 2025, the lower-middle segment of direct loans will remain a superior and more stable source of income and capital preservation. It can complement more traditional allocations to the upper-middle segment, special situation debt, and private equity debt. “It can serve as a strategic component in any private credit portfolio, both for investors taking their first steps into this asset class and for more sophisticated investors looking to diversify their portfolios,” the experts conclude.

The Great Latin American Wealth Migration to Spain

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In recent years, Spain has solidified its position as a highly attractive destination for wealthy Latin Americans. A growing number of high-net-worth Latin American families are settling in the country, driven primarily by significant political changes in their home countries. They seek, among other things, both physical and economic security for their assets in Spain.

Madrid, in particular, has recently experienced such a significant influx of investment from Latin America that it has come to be known as the “new Miami.” The numbers speak for themselves. For instance, 17% of residents in the affluent Barrio de Salamanca are wealthy Latin Americans, and nearly 15,000 Latin American students attended Madrid universities during the 2022-23 academic year.

Why Is Spain So Attractive to High-Net-Worth Latin Americans?

Spain offers significant opportunities with a business-friendly environment and strong cultural and linguistic ties to Latin America. Additionally, it is an appealing country from a family perspective, thanks to its top-tier public and private universities, pleasant climate and lifestyle, high-quality healthcare, relatively low crime rates, easy access to the rest of Europe, and good connections to Latin American countries.

For all these reasons, Spain is an obvious choice for Latin Americans looking to emigrate. But what has truly triggered the current high levels of wealth migration?

Many high-net-worth Latin American families began considering investment and/or relocation to Spain following the rise of left-wing governments across the continent, which generally created a less favorable fiscal and regulatory climate for the wealthy. Other recent events, such as Mexico’s 2024 judicial reform or the redefinition of private property in Mexico City’s constitution, have also spurred these movements.

Spain’s luxury real estate market has been another key factor drawing the attention of affluent Latin Americans, as these properties offer better value per square meter compared to what they might find elsewhere in Europe or much of the United States.

Recognizing the economic opportunity this trend presents, certain administrations have taken specific measures to foster and accelerate these wealth flows. For example, Isabel Díaz Ayuso, President of the Community of Madrid, announced last year that tuition fees at public universities for Latin American students would be reduced to match those paid by Spanish and European students starting in the 2024-25 academic year.

More importantly for this segment of the population, the recent approval of the so-called “Mbappé Law” in Madrid, which took effect on January 1, 2025, introduces a 20% regional deduction on personal income tax for non-residents who establish tax residency in Madrid and make certain investments as stipulated by the law.

Finally, it is important to note that many will still be able to benefit from the well-known “Beckham Law,” allowing them to be taxed as non-residents during their first years of residence in Spain, offering clear tax advantages. However, eligibility will depend entirely on the professional activities they undertake while in the country.

Will Recent Changes Affect Latin American Wealth Migration?

However, it is not all smooth sailing. It is undeniable that housing prices have risen significantly as more high-net-worth families have moved to or invested in Spain, particularly in major cities. While this reflects the strong interest in the country among foreign buyers, it has also priced many local residents out of the market, generating growing discontent over measures aimed at attracting international investment.

To ease tensions surrounding the impact of wealthy foreigners on Spain’s real estate market, the Socialist government voted in 2024 to eliminate the Golden Visa, which allowed individuals to obtain permanent residency through the purchase of properties valued at €500,000 or more.

Golden Visa applications will only be accepted until April 3, 2025, prompting some foreign investors to rush their purchasing decisions. However, other pathways for non-EU nationals to obtain residency in Spain, such as the non-lucrative residence visa, will remain available.

Additionally, and more controversially, Prime Minister Pedro Sánchez has recently introduced several proposals, including the potential implementation of a 100% tax on property purchases by non-EU residents. The aim is to curb foreign real estate investment and make housing more accessible to Spanish residents.

However, there is significant uncertainty regarding whether these measures will gain the necessary support from key government allies to move forward, which is crucial in a highly fragmented political coalition.

Moreover, it remains to be seen whether such measures (if ultimately approved) could be considered discriminatory and in violation of EU law by relevant authorities, including the European Commission or the Court of Justice of the European Union. This is particularly relevant given recent case law on inheritance and gift taxes and the rental of properties by non-EU residents.

Madrid Will Likely Cement Its Status as the “New Miami”

Ultimately, despite recent developments, Spain and its capital are well-positioned to continue attracting high-net-worth Latin American families.

The strong historical, cultural, and linguistic ties make Spain a natural destination for these individuals to establish their new home. And while there may be some political instability surrounding this issue at present, Latin American wealth migration is almost certain to continue in the coming years.

Opinion piece by Nerea Llona, Tax & Legal Counsel for Spain and Latin America at Utmost Wealth Solutions.

Álvaro Vértiz, Promoted to Head for Latin America and the Caribbean at DGA Group

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Álvaro Vértiz has been promoted to Head for Latin America and the Caribbean by DGA Group, the global advisory firm founded by Albright Stonebridge Group.

The firm announced in a statement that it “has expanded the roles of several executives on its Americas team, thereby strengthening its ability to help clients navigate complex policy, reputation, and financial issues on a global scale.”

Along with Vértiz, Adam Cubbage, currently New York Director, was promoted and appointed Director of DGA Americas; and Ryan Toohey, Head of the CCA practice in the U.S., will join the DGA Group Executive Committee.

“I’m happy to share that I’m starting a new position as Head for Latin America and the Caribbean at DGA Group!” Vértiz wrote on his personal LinkedIn profile.

“Adam, Ryan, and Álvaro exemplify the caliber of collaborative leadership that defines DGA,” said Edward Reilly, CEO of DGA Group. “After leading the development of DGA’s multidisciplinary offerings in New York, Washington D.C., Chicago, and Mexico City, we are pleased that they are now taking on expanded roles, working with DGA leadership across the Americas to continue providing the best advisory services to our clients,” he added.

Vértiz joined DGA in 2023 as Partner and Country Head for Mexico. Previously, he worked for nearly seven years at BlackRock, where he built his career: he joined as Director and Head of Legal & Compliance for Mexico, and after four years, he was promoted to Chief Operating Officer. Three years later, he became Head of Digital, Board Member, and Head of Business Strategy and Strategic Partnerships at the firm.

Before that, he held positions at Prudential Real Estate Investors, GE Capital Americas, Citi, and PWC.

The U.S. Wealth Management Industry Could Face a Shortage of 100,000 Advisors by 2034

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Due in large part to a growing demand for advisory services driven by the proliferation of sophisticated financial products, the U.S. wealth management industry is experiencing a period of strength and stability. However, threats are on the horizon: the sector could face a shortage of approximately 100,000 advisors by 2034, according to a report by McKinsey & Co.

In its report, the strategic consulting firm suggested that it is necessary to “change the operational model of advisors to increase productivity (through lead generation, teamwork, and an AI- and technology-enabled shift toward value-added activities) and attract new talent to the industry much faster than before.”

The study also warned that, in the long term, hiring veteran advisors is not a solution: there will be around 110,000 advisor retirements, leading to a decline in the total number of advisors by about 0.2% annually over the next decade.

This shortage is approximately—according to the global consulting firm—30% of the 370,000 advisors estimated to be needed in 2034 to meet the growing demand for wealth management in the United States.

Additionally, about 27,000 advisors switch firms or go independent each year, according to the study. The decline in supply and the emergence of private equity investments in advisory firms have already driven up hiring costs, the report added. The study was authored by Jill Zucker, Jimmy Zhao, John Euart, Jonathan Godsall, and Vlad Golyk, representing the views of McKinsey’s Financial Services Practice.

The report breaks down and analyzes the increasing demand for advisory services, driven by the rise in U.S. household wealth and the growing demand and willingness to pay for human advice. It also compares this with the decline in the number of advisors.

“The advisor workforce has grown by only 0.3% annually over the past ten years (…) The number of advisors is expected to decline by around 0.2% annually. Retirements outpace hiring, as advisors are, on average, ten years older than members of similar professions. An estimated 110,000 advisors (38% of the current total), who represent 42% of the industry’s total assets, will retire in the next decade,” the report noted.

The report’s authors believe that if this fundamental supply bottleneck is not resolved, the industry will continue to face a zero-sum competition for advisor talent. “While hiring experienced advisors is crucial to the success of many firms, the industry should also adopt a long-term perspective and develop sustainable strategies to attract more advisors to the sector, help them grow faster, and enable established advisors to be more productive,” they stated.

The First Catastrophe Bond ETF Ready to Begin Trading on the NYSE

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Catastrophe bonds, whose returns have consistently outperformed high-yield debt markets in recent years, are about to become accessible to a broader segment of investors.

Next month, the Brookmont Catastrophic Bond ETF, based on a portfolio of up to 75 of the 250 so-called “catastrophe bonds” in circulation, could begin trading on the New York Stock Exchange (NYSE)—a global first.

“It’s an asset with a lot of nuances, and our goal is to demystify it,” said Rick Pagnani, co-founder and CEO of King Ridge Capital Advisors Inc, which will manage the ETF, in an interview cited by Bloomberg. The fund will be overseen by Brookmont Capital Management LLC, based in Texas.

Pagnani, who until last year led Pimco’s insurance-linked securities division, stated that “it is difficult to create a diversified catastrophe bond portfolio for a typical individual investor.” By packaging catastrophe bonds into an ETF, “we aim to lower some of the barriers to entry,” he said.

The market, dominated by U.S. issuances, is currently valued at approximately $50 billion, according to Bloomberg.

According to Pagnani, the pipeline of projects remains “strong and growing,” which could help push the market to $80 billion by the end of the decade.

Brookmont and King Ridge are still finalizing the lineup of partners involved in launching the ETF. They aim to raise between $10 million and $25 million in initial capital. The ETF is registered with the SEC.

The fund will cover risks ranging from Florida hurricanes and California earthquakes to Japanese typhoons and European storms, according to the prospectus filed with the U.S. market regulator.

As outlined in the prospectus, it is an actively managed ETF that, under normal circumstances, will invest at least 80% of its net assets in catastrophe bonds. It will not have restrictions on specific issuances, risks, or geographic exposure. However, the document notes that at times, the fund may have a relatively higher exposure to U.S.-related risks.

Additionally, it may occasionally have a greater concentration in Florida hurricane-related catastrophe bonds than in other regions or risks due to the higher availability of such investments relative to the global market.

Vanguard Has the World’s Largest ETF

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Vanguard became the world’s largest ETF at the start of this week, marking a milestone in an industry valued at $11 trillion, according to a statement from the firm.

According to figures from the asset manager, financial agencies, and the market, Vanguard’s S&P 500 ETF (NASDAQ: VOO) now manages nearly $632 billion in assets, after recording approximately $23 billion in inflows so far this year.

The increase in inflows pushed VOO above the SPDR S&P 500 ETF Trust—commonly known in the market as SPY—which lost its title as the world’s largest ETF, now managing around $630 billion in assets.

Nonetheless, the competition between the two funds remains very close. While SPY is no longer the largest ETF in terms of assets, it remains highly valued by asset management professionals for its ease of trading and low costs, features that allow fund managers to enter and exit the market quickly.

SPY was launched in 1993 by the U.S. stock exchange and State Street Global Advisors, making it one of the longest-running ETFs still in operation today. This fund has long benefited from a significant first-mover advantage in terms of size and trading volume. Now, with its rapid growth, Vanguard has surpassed SPY, marking a new chapter in the global ETF industry.

The scale of operations in both funds is enormous, although SPY continues to set the standard in this segment. According to Bloomberg data, over the past twelve months, SPY has averaged daily trading volumes of $29 billion—the highest for any ETF. In contrast, Vanguard’s VOO averaged $2.8 billion in daily trades.

Vanguard’s alternative emerged in 2010 and immediately experienced rapid growth, thanks to the firm’s reputation and loyal following among investors. This includes financial advisors looking to boost their commissions. Over the past twelve months, VOO has attracted more than $116 billion, setting a record for annual inflows.

The appeal of the index-based fund highlights the profile of Vanguard’s core clients, such as cost-conscious financial advisors and retail investors with a long-term investment focus.

The “buy-and-hold” strategy has been a key differentiator between the two ETF giants. While VOO investors favor this approach, SPY is valued by professional traders for its high liquidity and narrow spreads. However, its higher trading volume often results in significant flows in both directions (inflows and outflows).

Analysts highlight a key fact: VOO has never experienced an annual net outflow since its launch in 2010, whereas SPY has recorded net withdrawals in five years over the same period.

Remittances: The Flows That Sustain State Economies in Mexico Are at Risk Due to Trump

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Last year, Mexico received another record amount of remittances from its workers abroad, primarily in the United States. Official figures indicate that remittance income totaled an unprecedented $64.75 billion. However, due to changes in U.S. immigration policy, the outlook could shift.

As an indication of the importance of remittances for Mexico and its top recipient states, the Latin American country solidified its position in 2024 as the world’s second-largest recipient of remittances, surpassing China (which received $48 billion). Only India ranked higher, reporting inflows of $129 billion.

The significance of remittances in Mexico is already reflected in key indicators. For example, their share of GDP increased from 2.0% to 3.6%. Additionally, they now account for 5.2% of private consumption, compared to 2.8% in 2010.

“Without a doubt, remittances serve as an important supplement to household income. When compared to total wages (as estimated by the National Occupation and Employment Survey, ENOE), the proportion stands at 16% (2023),” noted the Banamex research team.

Seven States at Risk

Although all states in Mexico receive remittances, seven states are particularly dependent on these flows. In some cases, remittances have become essential to state economies, with entire communities relying almost entirely on them.

In 2024, seven states accounted for more than half of the total remittance inflows. Michoacán, Guanajuato, and Jalisco each received around $5.5 billion, representing 8.7% of the national total for the first two states and 8.5% for the third. Combined, these three states accounted for 25.9% of the country’s total remittances.

These states, which have historically seen high levels of migration, have consistently led in remittance inflows since data collection by state began in 2003. Mexico City, the State of Mexico, Chiapas, and Oaxaca complete the list of the seven states that received over half of the country’s remittances, with 7.2%, 7.1%, 6.4%, and 5.3%, respectively, for a total share of 52%.

Over the past decade, Mexico City and Chiapas have significantly increased their share, rising from 5.4% and 2.9% in 2003, respectively. Meanwhile, Michoacán has seen a decline in its share, dropping from 12.4% in 2004.

According to Banamex, in some states, remittances account for more than 10% of GDP. The inflow of these funds has reached levels similar to those of Central American countries that are highly dependent on remittances.

For instance, in 2023, remittances to Mexico represented more than 20% of GDP in Guatemala, El Salvador, Honduras, and Nicaragua. Meanwhile, in Chiapas, the share reached 16%. In three other states—Guerrero, Michoacán, and Zacatecas—remittances accounted for 13.8%, 10.9%, and 10.6%, respectively.

Moreover, in some Mexican states, remittances play an even more crucial role due to socioeconomic conditions. In Chiapas, Guerrero, and Zacatecas, remittances represent 52.7%, 50.8%, and 47.7% of total payroll income, respectively.

As a result, the income generated abroad by workers from these states or with ties to them is equivalent to half of what the entire employed population produces in those regions. When combining salaries with remittance income, one in every three pesos in household income in these states originates from abroad. These states are among the most economically disadvantaged in Mexico, with high levels of informal employment (74.6%, 78.3%, and 60.6% of the Economically Active Population).

The Trump Factor

The return of Donald Trump to the U.S. presidency and his policies against foreign workers, particularly undocumented immigrants, could alter the conditions and flow of remittances to Mexican states that rely on them.

Banamex warns: “Trump’s return to the White House and the immigration policies implemented in the early days of his administration, along with a projected weakening of the U.S. labor market—including for workers of Mexican origin and Mexican-born individuals—suggest a potential decline in remittance flows. This could limit migration and further discourage the hiring of undocumented workers.”

“In addition, we anticipate increased volatility in these flows over the coming months, partly due to growing fears of deportation among migrants, which could reduce work hours and encourage temporary savings for survival. For 2025, we estimate a 2% increase in nominal U.S. dollars, reaching $66 billion, though risks remain tilted to the downside,” stated the Mexican bank.

One potential mitigating factor for those dependent on remittances in Mexico is a possible currency depreciation. However, nothing is certain, and remittance flows remain another likely casualty of Trump’s return to the White House

Multiemployer Pension Funding Rises in 2024

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Milliman has released its 2024 year-end Multiemployer Pension Funding Study, analyzing the funded status of U.S. multiemployer defined benefit plans.

“Strong returns during the first and third quarters of 2024 largely drove the year’s significant rise in the aggregate funded percentage, which reached the second-highest point since Milliman launched this study in 2007,” said Tim Connor, MPFS co-author.

By December 31, 2024, the aggregate funded percentage of multiemployer plans increased by 97%, up from 89% in 2023 – the second-highest level since the study began in 2007. This improvement is driven by strong investment performance, estimated at 10%, and nearly $70 billion in Special Financial Assistance provided under the American Rescue Plan Act. Of this total, $16 billion was distributed in 2024 alone. Without SFA, the funded percentage would have remained at 89%.

Among the 1,193 plans analyzed, 53% are fully funded, while 84% have reached at least 80% funding. However, 7% remain below 60% and may face insolvency. Many of these plans are expected to apply for SFA in 2025.

“We now see more than half of all plans funded 100% or better as they continue their trend of upward improvement in funded percentage,” added Connor.

CEO Confidence Soars to Three-Year High in Q1 2025

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CEO confidence surged in the first quarter of 2025, reaching its highest level in three years. The Conference Board Measure of CEO Confidence, in collaboration with The Business Council, increased by 9 points to 60, a shift from the cautious optimism seen throughout 2024. For the first time since early 2022, the measure exceeded 50, signaling a positive outlook among CEOs. A total of 134 CEOs participated in the survey, which was conducted from January 27 to February 10.

“All components of the Measure improved, as CEOs were substantially more optimistic about current economic conditions as well as about future economic conditions – both overall and their own industries,” said Stephanie Guichard, Senior Economist, Global Indicators, The Conference Board.

Regarding employment, 73% of CEOs indicated they planned to maintain or grow their workforce over the next 12 months, unchanged from the previous quarter. However, the share of CEOs expecting to expand their workforce fell to 32%, down from 40% in Q4, while 41% planned to keep their workforce steady, up from 34%. Additionally, 27% of CEOs anticipated reducing their workforce, a slight increase from the previous quarter.

“Compared to Q4 2024, fewer CEOs ranked cyber threats, regulatory uncertainty, financial and economic risks, and supply chain disruptions as high-impact risks,” said Roger W. Ferguson, Jr., Vice Chairman of The Business Council and Chair Emeritus of The Conference Board.

On the wage front, 71% of CEOs plan to raise salaries by 3% or more, up from 63% last quarter. Of those, 60% expect to increase wages by 3.0 – 3.9%, up from 48%. Work arrangements continued to evolve, with the most common model being 3-4 days in the office. The share of CEOs planning to shift away from remote work toward in-office schedules in the next 12-18 months has increased.

CEOs’ assessment of general economic conditions was significantly more positive in Q1 2025. 44% of CEOs reported that economic conditions were better than six months ago, up from just 20% in Q4. Only 11% said conditions were worse, a sharp drop from 30% last quarter. The outlook for their industries was also improved with 37% reporting better conditions, up from 21%.

The increase in CEO confidence was also reflected in capital spending. While 54% of CEOs indicated no changes to their plans, 33% in Q4. Similarly, 52% expect conditions in their own industries to improve, up from 31%.

The first quarter of 2025 marks a significant shift in CEO sentiment, with widespread optimism about the economy, industries, and future growth prospects.

Amundi US Celebrates Milestones for CAT Bond and ILS Funds

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Amundi U.S. recently commemorated significant anniversaries for two funds focused on Insurance-Linked Securities and Catastrophe Bonds. These markets have experienced rapid growth, offering investors valuable diversification and alternative income opportunities within the fixed-income space.

“We have been pleased with investor reception for this asset class and acknowledgment of potential investment benefits of allocating to the market segment,” said Jonathan Duensing, Head of Fixed Income at Amundi U.S.

The Pioneer CAT Bond Fund reported an annualized total return of 14.44% as of January 31, 2025. The fund now manages assets exceeding $700 million. Its performance has remained consistently strong, with a one-year return of 14.23% and a six-month return of 9.13%. This performance highlights the growing demand for catastrophic bonds, a sector increasingly viewed as an attractive fixed-income alternative.

The Pioneer ILS Interval Fund achieved an annualized total return of 5.21% through January 31, 2025. The fund currently manages $652 million in assets. Over the past year, it delivered a return of 15.81%, while its five-year annualized return stands at 8.34%. These results underscore the value of ILS as a means of portfolio diversification and a reliable alternative income source.

“We continue to believe both of these differentiated fund offerings are attractive options for investors seeking alternative income solutions,” said Chin Liu, Director of Insurance-Linked Securities and Fixed Income Solutions at Amundi U.S.

Pioneer CAT Bond Fund

Cumulative Returns

1 – month: 0.46%
3-month: 3.03%
6 months: 9.13%

Average Annual Total Return

1-year: 14.23%
Since Inception in 1/26/2023: 14.44%
Gross Expense Ratio: 2.12% / Net Expense Ratio: 1.51%

Pioneer ILS Interval Fund

Cumulative Returns

1-month: 1.34%
3-month: 2.50%
6-month: 7.58%

Average Annual Total Return

1-year: 15.81%
5-year: 8.34%
10-year: 5.24%
Since Inception on 12/17/2014: 5.21%
Expense Ratio: 1.95%

With favorable market conditions, Amundi U.S. is well-positioned to continue its leadership in the ILS and CAT bond markets. The increasing demand for alternative investment solutions, coupled with the continued growth of these sectors, offers investors compelling opportunities for portfolio diversification and enhanced income.