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Institutions say 2025 will be the year that valuations matter

December 03, 2024 - 31 min
Dave Goodsell
Executive Director, Natixis Center for Investor Insight – Natixis Investment Managers – US Distribution
  • Two thirds (64%) of institutional investors believe that equity valuations do not currently reflect the fundamentals of the company and 77% believe 2025 will be the year that valuations matter.
  • 73% of Australian institutions are bullish on private equity in 2025, up from 46% in 2023
  • Seven in ten (73%) Australian institutional investors believe that a lower growth environment will be the new normal in China.

 Australian institutional investors’ top portfolio concerns for 2025 are inflation (55%), volatility (45%), and valuations (36%), with more than three quarters (77%) of institutions believing 2025 will be the year that valuations matter.

New research by Natixis Investment Managers (Natixis IM) found two thirds (64%) of institutional investors believe that current equity valuations don’t reflect fundamentals, and half of institutions think passive investing distorts relative stock prices and risk return trade-offs.

Institutions agreed the popularity of passive investments increases systemic risk to markets (50%) and are projecting an uptick in volatility in stocks (64%), bonds (64%), and currencies (59%).

Natixis IM surveyed 500 institutional investors which collectively manage US$28.3 trillion in assets for public and private pensions, insurers, foundations, endowments, and sovereign wealth funds from around the world, including Australia.  

Given the changing interest rate and credit environment, 73% of institutions say that the markets will favour active management in 2025, and eight in ten (82%) say that active management is essential to fixed income investing.

Nearly nine in ten (86%) said that their actively managed investments outperformed their benchmarks in the last 12 months.  

Natixis Investment Managers Country Head Australia & New Zealand Louise Watson, said

Read the full story:
2025 Institutional Outlook Survey full report
1.63 MB
About the 2025 Institutional Outlook

Natixis Investment Managers, Global Survey of Institutional Investors conducted by CoreData Research in October and November 2024. Survey included 500 institutional investors in 28 countries throughout North America, Latin America, the United Kingdom, Continental Europe, Asia and the Middle East.

About the Natixis Centre for Investor Insight

The Natixis Centre for Investor Insight is a global research initiative focused on the critical issues shaping today’s investment landscape. The Centre examines sentiment and behavior, market outlooks and trends, and risk perceptions of institutional investors, financial professionals and individuals around the world. Our goal is to fuel a more substantive discussion of issues with a 360° view of markets and insightful analysis of investment trends.

About Natixis Investment Managers

Natixis Investment Managers’ multi-affiliate approach connects clients to the independent thinking and focused expertise of more than 15 active managers. Ranked among the world’s largest asset managers1 with more than $1.4 trillion assets under management2 (€1.2 trillion), Natixis Investment Managers delivers a diverse range of solutions across asset classes, styles, and vehicles, including innovative environmental, social, and governance (ESG) strategies and products dedicated to advancing sustainable finance. The firm partners with clients in order to understand their unique needs and provide insights and investment solutions tailored to their long-term goals.

Headquartered in Paris and Boston, Natixis Investment Managers is part of the Global Financial Services division of Groupe BPCE, the second-largest banking group in France through the Banque Populaire and Caisse d’Epargne retail networks. Natixis Investment Managers’ affiliated investment management firms include AEW; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; Harris | Oakmark; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions and Natixis Advisors, LLC. Not all offerings are available in all jurisdictions. For additional information, please visit Natixis Investment Managers’ website at im.natixis.com | LinkedIn: linkedin.com/company/natixis-investment-managers.

Natixis Investment Managers’ distribution and service groups include Natixis Distribution, LLC, a limited purpose broker-dealer and the distributor of various US registered investment companies for which advisory services are provided by affiliated firms of Natixis Investment Managers, Natixis Investment Managers S.A. (Luxembourg), Natixis Investment Managers International (France), and their affiliated distribution and service entities in Europe and Asia.

1 Survey respondents ranked by Investment & Pensions Europe/Top 500 Asset Managers 2024 ranked Natixis Investment Managers as the 19th largest asset manager in the world based on assets under management as of December 31, 2023.

2 Assets under management (AUM) of current affiliated entities measured as of September 30, 2024, are $1,427.2 billion (€1,279.0 billion). AUM, as reported, may include notional assets, assets serviced, gross assets, assets of minority-owned affiliated entities and other types of nonregulatory AUM managed or serviced by firms affiliated with Natixis Investment Managers.

3 A brand of DNCA Finance.

Provided by Natixis Investment Managers Australia Pty Limited (ABN 60 088 786 289) (AFSL No. 246830). Natixis Investment Managers Australia Pty Limited (ABN 60 088 786 289) (AFSL No. 246830) is authorised to provide financial services to wholesale clients and to provide only general financial product advice to retail clients.

DR-67838

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