Amundi Scooped Up Stocks When Most Investors Rushed for the Exit

Amundi SA has been buying into the selloff in equity markets just as most investors were slashing their stock exposure on fears of an escalation in the Iran war. It paid off.

Global markets are rallying Wednesday in relief over the last-ditch deal for a two-week ceasefire that saw President Donald Trump back off on his threat to unleash massive devastation on Iran. Europe’s main stock index surged the most in a year, while US futures signal strong gains on Wall Street later.

“We were already positioned for a TACO,” said Amelie Derambure, a senior multi-asset portfolio manager at ...