Diversifying
in an era of controlled disorder

2026 ETF implementation ideas.

Diversification does not guarantee a profit or protect against a loss.

For professional clients and qualified investors only

Diversifying⁵ in an era of controlled disorder

Key investment convictions

We face an era of controlled disorder: a multipolar world reshaped by a tech revolution and fiscal divergence. Inflation risks have become more structural, driven by reshoring, the climate transition, and trade frictions. This calls for selective risk‑taking and increased diversification^[5] in gold, and real assets.^[1]

Diversification^[5] is becoming increasingly important in an environment defined by geopolitical fragmentation, persistent vulnerabilities, and the transition from ‘Great Diversification’ ^[5] to ‘Controlled Disorder’.

As governments seek to preserve trade and investment flows while navigating strategic

rivalry, investors are looking to complement core risk exposures with assets that help cushion portfolios against elevated geopolitical and policy risks.

Gold continues to play a stabilising role in portfolios, supported by concerns over fiscal sustainability, potential dollar weakness, and ongoing spending on defence, AI and security. Broader commodity exposures can help reflect the dynamics of re-routed trade flows, renewed investment in industrial capacity, and structural themes linked to electrification and energy security. ^[6]

Global listed real estate offers potential income and long-term growth that align with expanding digital and logistics infrastructure, while defensive equity sectors such as health care and utilities remain supported by essential services, structural demand and relatively stable cashflows.^[1] ^[4]

The shift towards a more fragmented and contested global order is increasing the need to pair growth-oriented positions with resilience. This includes integrating potentially risk-mitigating assets such as gold, selective commodity exposures and real assets, alongside equity sectors less sensitive to the economic cycle.^[1]

Together, these areas offer additional ways to reinforce portfolios for a world where geopolitical uncertainty is persistent but where opportunities continue to emerge.^[1]

ETF implementation ideas

Core allocation

ETF/ETC	Management fees* / TER**
Amundi Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF	0.30%

Targeted asset allocation

ETF	Management fees*
Amundi NYSE Arca Gold Bugs UCITS ETF	0.65%
Amundi S&P World Utilities Screened UCITS ETF	0.18%