Paris-based asset manager Ossiam, which focuses heavily on exchange-traded funds, discusses its investment outlook and asset allocation in 2026 with this news service.

In an interview with this news service in London this week, Bruno Poulin, CEO of asset manager Ossiam, a subsidiary of Natixis Investment Managers, said he remains overweight in the US, but is eyeing investment opportunities in Japan.

Ossiam’s expertise spans indexation, enhanced beta and absolute return strategies in equities and fixed income, primarily through active and passive exchange-traded funds (ETFs). They provide thematic and ESG-focused ETFs.

A number of investment managers have been increasing their range of ETFs recently, for example US-headquartered Franklin Templeton and Invesco. US-based State Street Investment Management published its 2025 EMEA Wealth Manager Survey recently, showing that ETFs remain dominant, with rising demand for both index and active strategies. In a time of macroeconomic uncertainty and industry change, the survey shows that 88 per cent of wealth managers expect to use ETFs more frequently in client portfolios. 

“We are heavily invested in the US in large caps, and see opportunities in consumer discretionary, consumer staples and healthcare,” Poulin said. Along with several firms, Poulin sees increasing opportunities in US healthcare, an area of neglected opportunity.

Top holdings in Ossiam Shiller Barclays Cape® US Sector Value TR 1C (USD), a passive ETF, include Meta, Alphabet, Eli Lilly, Walmart, Johnson & Johnson, Costco and Proctor and Gamble.

Although Ossiam is mainly invested in US stocks, it does have some investments in Asia, and Poulin indicated that they might do more in Japan. Poulin said he has seen increased client interest in Europe, emerging markets and Japan, diversifying out of US equities, albeit slightly less during the Middle East conflict.

Japan: Improvement in corporate governance is a positive factor for Japan, Patrick Artus, senior economic advisor at Ossiam, said. The country is also ahead on robotics, with twice as many robots as in the US and Europe, to offset its ageing population, he continued.

Artus said that although Asia suffers more from an ageing population than the US and Europe, it is advanced on robotics while Europe and the US lag behind. He believes it is important for any country to develop its robotics.

A number of investment managers also see opportunities in Japanese stocks, although US equities remain a cornerstone of their portfolios. Benjamin Melman, global chief investment officer at the Paris-headquartered Edmond de Rothschild Asset Management, for instance, increased his exposure recently there and in emerging markets.

Japanese stocks also jumped recently after Japan’s Prime Minister Sanae Takaichi won a landslide victory in a snap election in February. The win gives political room for Takaichi to advance her pro-growth agenda, which includes expansionary fiscal spending and increased strategic investments in areas such as semiconductors, artificial intelligence, energy security, defence and shipbuilding. However, Artus indicated that Takaichi’s increased fiscal stimulus measures could carry risks.

Japan is also one of the world’s largest importers of oil, mostly from the Middle East. Although the Iran conflict is testing Japan and emerging markets resilience and sent oil prices higher, Louis Chua, equity research analyst Asia at Swiss private bank Julius Baer, said this week that he is staying positive on Japanese equities, focusing on quality companies backed by sound fundamentals.

Ossiam, an affiliate of Natixis Investment Managers, manages €10.3 billion ($12.1 billion) on behalf of investors. It is regulated by the Autorité des Marchés Financiers.