On the occasion of FOAM, we spoke to Laurent Misonne, Managing Director at J. Safra Sarasin, about two pillars that are often under-exploited in family office allocations: commodities and subordinated insurer debt.
In an environment where the historical 60/40 model is showing its limits, the question is no longer one of yield alone, but of portfolio resilience.
Commodities, in addition to gold, are a genuine decorrelation and inflation protection tool. With almost two decades of expertise and a solid track record of outperformance, this asset class can play a structuring role in a reasoned alternative portfolio.
Another strong conviction: subordinated debt in the insurance sector. This atypical segment has historically had little exposure to defaults, and offers an attractive yield/duration ratio in a context of shifting interest rates.
A concrete discussion, oriented towards long-term portfolio construction, and particularly relevant for family offices seeking a balance between performance and risk discipline.
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