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This website is launched and published by the « Company », as defined at the bottom of every page of the website. Opinions on this website are the judgement of the Company, at the time specified and may be subject to change without notice. The Company is not obliged to update or alter the information or opinions published on this website. By using this website, you accept these general terms and conditions (“GTC”), and acknowledge that they are the mutually agreed terms for your visit to and the use of this website. The term “website” includes all content and data provided and all sub- and micro-sites of this website. Further, as a user of this website you acknowledge that you are responsible for ensuring that the legislation applicable to you in your jurisdiction permits you to consult this website and you represent and warrant that you have the necessary means and skills to access this website and use it in the intended manner only. The GTC are subject to changes without prior notice. If any part of the GTC is judged to be illegal or unenforceable, the continuation in full force and effect of the remainder will not be prejudiced. The Company reserves the right to change the GTC at any time by updating the wording on this webpage. You will not necessarily be directly notified of such a change. Therefore, please ensure that you regularly check the GTC so you are fully aware of any changes or updates. Certain sections and / or pages of this website contain separate and / or supplementary conditions, including separate disclaimers (“Supplementary Conditions”), which apply in addition to the GTC. In the event of discrepancy between the GTC and any Supplementary Conditions, the Supplementary Conditions relating to the sections or pages of this website will take precedence. Site contents The information provided on this website is for information purposes only. It is not intended to solicit the subscription of or the sale of any financial instruments. In no event shall the content of this website be deemed as an investment advice with respect to any financial instruments or investment service, or an offer to purchase or sell these. In addition, as the presentation of financial instruments or investment services in itself does not allow the making of a contract, it may neither be considered as a solicitation for purchase or sale of financial instruments or investment service or an offer of such to the public. We do not guarantee that this website, or any content on it, will always be available or be uninterrupted. The Company reserves the right, in its sole discretion and without notice, to suspend and/ or block access to this website for breach of the GTC or for any other reason, and/ or to change any part of this website including the functionality of this website and the layout and look of this website. However, except as required otherwise by law or regulation. The financial instruments referred to in the web site are the undertakings for collective investment in transferable securities (UCITS) regulated by the UCITS IV Directive (2009/65/CE) or the alternative investment funds (AIF) managed by an alternative investment manager regulated by the AIFM Directive (2011/61/UE). The investment undertakings are designed for non-professional or professional investors, as specified in the regulatory documentation of each investment undertaking. The UCITS IV Directive, amended by Directive 2014/91/UE (UCITS V), has implemented the Key Investor Information Document (“KIID”) which forms an integral part of the legally and regulatory required documentation for all or financial instruments publicly offered. The KIID is a strictly regulated document with respect to its form and content and focuses on key elements of the investment objectives, risk, costs and historic performance.. The latest KIID must be consulted prior to any investment decision. The relevant KIIDs, as applicable and other material investor information are available on this website. A paper version can be requested from the Company. These documents will be provided free of charge upon simple request (by email, telephone, facsimile or in writing). The Company disclaims any liability for any decision made on the basis of any information contained on this website.

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The narrative of ‘immaculate goldilocks’– rising growth and falling inflation – was always at risk of being challenged in the…

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Portfolio perspectives

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On July 1, 2026, BNP Paribas Asset Management USA, Inc. merged with AXA Investment Managers US Inc. (the “Firm”). The Firm is part of BNP Paribas Asset Management (“BNPP AM”), the asset management arm of BNP Paribas (“BNPP”). BNPP AM is part of BNPP’s Investment & Protection Services division. We anticipate that the Firm will be renamed BNP PARIBAS ASSET MANAGEMENT UNITED STATES, Inc. on or about November 30, 2026.

Past performance or achievement is not indicative of current or future performance.

Any views expressed here are those of the author as of the date of publication, based on available information, and subject to change without notice. This material does not constitute investment advice.

Investments are subject to market fluctuations and the risks inherent in investments in securities. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial investment. There is no guarantee that the performance objective will be achieved.

Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions).

In the U.S., this material is for Institutional use only. This material is provided for educational purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Reliance upon information in this material is at the sole risk and discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any investor.

These documents and video clips may also include information obtained from affiliated investment management companies within BNP Paribas Asset Management.

This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, and estimates of yields or returns. No representation is made that any performance presented will be achieved by any funds, or that every assumption made in achieving, calculating or presenting either the forward-looking information or any historical performance information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented herein.

The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BNP Paribas Asset Management to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy.

The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal.

BNP Paribas Asset Management seeks to integrate environmental, social and governance (“ESG”) factors into all of our portfolios as a means to mitigate certain short, medium and long-term financial risks, identify better long-term investments, and encourage more responsible corporate behavior. We will never subordinate our client’s interests to unrelated objectives. Certain issuers and industries are excluded from our actively managed portfolios based upon our view of their ESG performance and risk profile. As a result, we may pass up certain opportunities when these excluded issuers or industries are in favor. Due to significant gaps in disclosure regimes around the world, we may need to rely upon voluntary disclosures by issuers, which are often not audited. We therefore may not have consistent access to complete, accurate or comparable information about the ESG performance of our holdings. Please contact us for further information.

AXA Investment Managers US Inc. is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended. AXA Investment Managers US Inc. is a registered trademark of BNP Paribas or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners. © 2026 AXA Investment Managers US Inc., all rights reserved.

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Asset Allocation Monthly – More:...

The resilience and diversity of...

Talking Heads – Investing in...

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Talking Heads – US stocks:...

Quenching the semiconductor industry’s thirst