2026 Sohn Monaco – Celia Fseil of Candriam Says Flows Are the Biggest Mispricing Opportunity in Equity Markets

Taking the stage during the afternoon session at the 2026 Sohn Monaco Conference, Fseil put aside stock selection and valuation and made a single pointed argument: flows are where real dislocations begin, and ignoring them leaves money on the table.

Fseil joined Candriam in 2022 as a portfolio manager, bringing a quantitative background from SG29 Haussmann and Societe Generale CIB, and assumed the Head of Equity Market Neutral role in July 2025. She leads a team of four portfolio managers running the Candriam Absolute Return Equity Market Neutral and Index Arbitrage strategies, part of Candriam’s alternatives platform, which manages approximately 3.4 billion euros in AUM across five strategy families: long/short directional, market neutral, upside alpha, multi-strategy alpha, and alternative assets.

Candriam’s Alternatives Platform and the Equity Market Neutral Edge

Fseil opened by placing her team’s work within Candriam’s broader alternatives offering. The Market Neutral bucket, has approximately 407 million euros in AUM, is staffed by seven portfolio managers and includes the Equity Market Neutral, Index Arbitrage, and ESG Market Neutral strategies. The alternatives platform has more than twenty years of track record and is led by Nicolas Forest as Chief Investment Officer and Steve Brumont as Global Head of Alternative Investments.

Fseil says that her team’s approach differs from the typical long-short concentration model; the portfolio is not built around a handful of high-conviction fundamental calls with low turnover. Instead, the team runs a two-sleeve approach combining index rebalancing and relative value; this gives the team a good idea of how different investor cohorts move capital and when those flows create exploitable mispricings.

The Four Regime Flows Reshaping Price Formation

Fseil’s thesis rests on identifying four distinct flow regimes that together account for a large and growing share of daily equity trading volume. Passive investors, retail investors, hedge funds, and CTAs each account for 20 to 25 percent of equity trading volume, a figure she described as both substantial and consequential for anyone trying to understand where prices are actually going.