IN FOCUS6-8 min read

Schroders Equity Lens June 2023: your go-to-guide to global equity markets

High flying tech, could Japan’s fortunes be turning, and all the charts you need to see on global equities this month

Japan temple


Duncan Lamont, CFA
Head of Strategic Research, Schroders

What’s been driving stock prices? Are they currently expensive or cheap? And which regions and sectors are poised to do well next?

These are some of the questions we aim to answer in our monthly publication – the Schroders Equity Lens, a compilation of key trends in global equities illustrated through thought-provoking charts.

Click here to download your June copy.


  • Japan, Europe ex UK and US equities are all having a stellar year, up around 10% or more in local currency terms (slide 8). Japan’s 15% gain is the standout although yen weakness erodes that for international investors. UK and emerging markets are laggards.
  • The super-7 US mega cap tech stocks are up 50% YTD, the rest of the US market is flat. Returns have been highly concentrated (slide 10).
  • Japan has been cheaply valued vs international peers for some time but there is renewed pressure from the Tokyo Stock Exchange (TSE) for companies to do something about that (slides 5-9).
  • Over half the companies on the Japanese stock market are valued at less than their book value. The TSE has written to them urging them to set out plans for how they will resolve this. More shareholder friendly activities, such as share buybacks, may follow. These have already been on a rising trend.
  • The US, which makes up 61% of the global stock market (MSCI ACWI),  continues to be the most expensive major market (slides 22 and 23).  
Schroders equity lens June 2023

Click here to download the latest Equity Lens.


Duncan Lamont, CFA
Head of Strategic Research, Schroders


Market views
Duncan Lamont
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