'Teck Resources will meet the growing demand for copper and zinc'
"The other companies with good growth potential at this stage are Intuitive Surgical and Motorola Solutions."
3' min read
Key points
3' min read
It is innovation that is the most important element today to enable companies that use it to grow even in turbulent market phases such as the current one. Philippe Vialle, Global Equity Portfolio Manager at Groupama Asset Management, explains.
How do you assess the sky-high tension in the markets?
President Trump's announcement of higher tariffs triggered a sharp correction in the stock markets, fuelled by escalating trade tensions that could dampen international trade and fuel inflation in the US. Before Trump came to power, the global average effective rate was around 2.5 per cent, then rose to 9 per cent. With the announcements on 2 April 2025, this rate could exceed 25%, levels not reached since the beginning of the 20th century.
But what are the risks now, and more importantly, how can they be contained?
On the stock markets, the main impact falls on companies in Asia and cyclical sectors, i.e. banks, technology and industrial stocks. The healthcare sector is holding up and, to a lesser extent, utilities, telecommunications and real estate. In this context, some companies are less sensitive to market cycles. Innovation, ingrained in their DNA, allows them to grow even in times of volatility. We therefore focus our attention on these companies, not just to navigate disruption, but to lead it. Despite macroeconomic and geopolitical risks, we continue to see key opportunities in certain areas: the continued adoption of artificial intelligence across all sectors, with partial profit-taking where necessary; the growth of data, which makes cybersecurity crucial; medical innovation in the treatment of chronic diseases, as well as medtech and bioinformatics; environmental challenges, which present risks and opportunities in the energy transition; and key materials such as copper, which, because of its conductivity and durability, is essential for electrification, advanced technology and Ia infrastructure.
What is meant by disruption and why is it an opportunity today?
A disruptive company is able to transform its business model, redefine an entire industry or create a new market. These companies challenge the status quo and foster sustainable growth. Some create new markets by responding to unmet needs, others transform the market by radically innovating within existing sectors, while still others adapt their models to ongoing structural transformations. This phenomenon does not only concern technology, but extends to healthcare, sustainability and changes in consumption.
How do you combine innovation with portfolio choices?
We assess each company's ability to exploit innovation-driven trends and create long-term growth. This involves a quantitative analysis that includes factors such as growth, valuation, momentum, R&S, flanked by a fundamental analysis focusing on competitive advantage, business model, and innovation potential. The objective is to identify companies at strategic turning points.
