In spring 2025, the Nasdaq fell by more than 25%. Rather than enduring the drop, Sébastien, Investment Advisor within the Asset Management team at Norman K., adjusted his portfolios to seize the opportunity. Here, he looks back on the strategy implemented, client relationships, and the +40% performance achieved.
Hi Sébastien, to start, could you briefly introduce yourself?
Hello,
My name is Sébastien Vaslon, and I’ve been working as an Investment Advisor at Norman K. for two and a half years.
My day-to-day work focuses on managing my portfolios, with a dual mission:
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To generate performance for our clients, and
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To maintain close, ongoing relationships with them — always available to answer their questions precisely.
My goal is both to ensure client satisfaction with the Norman K. service and to build a lasting relationship of trust, centered on performance and the long-term development of their projects.
Before diving into the details, let’s go back to the starting point. What was the context, and how did you approach this phase?
In April, during the “Liberation Day” following Donald Trump’s announcement of new customs tariffs, the U.S. market experienced a brutal correction — the Nasdaq dropped over 25% in just about two weeks.
Most of my clients then held mainly bond-heavy, defensive portfolios, generating quarterly, semiannual, or annual coupons. We had remained focused on an income-oriented strategy.
When the market collapsed, I began gradually reducing the bond allocation to increase exposure to equities, especially on the Nasdaq and, in some cases, the MSCI World.
The goal was to take advantage of an excellent entry window, at a time when valuations were falling sharply — sometimes irrationally so.
Such a period must have created a lot of exchanges and tension with clients. What was the main challenge?
Convincing them.
The market shock was violent — everyone saw red on their positions — so suggesting new investments at that very moment required a lot of education and reassurance.
Today, I manage roughly €250 million across about thirty clients, which means frequent conversations and different reactions depending on each profile.
It was a period of constant calls, regular updates, and close monitoring.
With long-term clients, trust already existed thanks to two and a half years of strong performance.
For new clients, I had to explain the logic, reassure them, and remain highly present throughout.
In stressful phases like this, the relational approach plays a key role. What made the difference?
Reactivity and proximity.
At Norman K., client relationships are direct and agile, without administrative heaviness. Unlike traditional banks, we aren’t limited to formal channels. We can call clients quickly, explain decisions, and make adjustments without losing time.
Knowing clients personally — their profiles, objectives, and risk tolerance — allows us to tailor both timing and messaging.
Some clients who were initially little exposed to equities agreed to reallocate just 5 to 10% of their portfolios.
Even on modest amounts, that decision generated strong performance and reinforced mutual trust.
When a decision is well-argued during uncertainty, trust builds durably.
That makes the next steps much easier — especially when the trade proves successful, as it did this time: the market has only risen since.
This quick repositioning clearly paid off. What were the results?
Between April 7 and April 21, the Nasdaq dropped 25.18% (source: Nasdaq Index, April 2025).
Since our entry point, the trade’s performance now stands around +40%.
Clients are now more confident, assets under management have grown, and relationships have strengthened, giving us more flexibility to consider new allocations.
One of the key points was staying rational amid market stress — which is never easy when clients are anxious about falling portfolios.
We managed to remain disciplined, averaging down existing positions for some and opening new ones for others.
That helped us build both credibility and client trust, because as portfolio managers, our role is also to make the right market calls at the right time.
This also highlights the way teams work together at Norman K. How does this operation illustrate the strength of the Norman K. model?
The platform model really shows through in our ability to connect expertise across teams.
In direct financial operations, the Corporate Advisory team presents us with opportunities (fundraisings, growth capital, etc.).
If we believe in them, we take over the case and propose it to clients whose objectives and profiles match.
The same logic applies with the Financing team, particularly on private real estate debt opportunities.
Conversely, when an opportunity doesn’t fit a client’s strategy, we simply don’t pursue it.
The autonomy of Investment Advisors, combined with deep knowledge of each portfolio, allows us to quickly identify relevant projects while staying fully aligned with clients’ interests.
Success Story: Key Figures
Context
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–25.18%: Nasdaq drop over two weeks
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2 weeks: Identified intervention window
Strategy Implemented
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5–10%: Average portfolio share reallocated per client
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99.9%: Clients who followed the recommendation
Results Achieved
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+40%: Performance generated from the operation
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Significant drop in anxious calls and rise in client confidence
Portfolios Involved
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€250M in assets managed
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Around 35 clients concerned
Interview conducted by A.F., Head of Marketing & Communication at Norman K., with Sébastien, Investment Advisor within the Asset Management team at Norman K.