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

This month's Lens looks at jaw-dropping levels of index concentration, the incredible shrinking stock market, whether any stocks are cheap, and our usual wrap-up of everything you need to know in equity markets.

mega cap stocks
Read full reportSchroders Equity Lens August 2023


Duncan Lamont, CFA
Head of Strategic Research

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 August copy.


  • The Super-7 US stocks now make up more of MSCI ACWI than Japan, UK, China and France combined (slide 5). The rest of the world has been left in their wake this year (slide 6).
  • Global stocks are having an exceptional year. In dollar terms, the US is up 21%, Europe 19%, Japan 17%, UK and emerging markets (EM) 12% (slide 13).
  • Not all US equities are expensive: small caps are cheap vs large caps and are reasonably valued on a stand-alone basis (slides 8-9).
  • In the long run, stock market investing wins out over cash but it’s a bumpy ride. 10% falls happen in more years than not (slides 10-11).
  • Far fewer companies are listed on major stock markets than in the past (slide 7). The UK total is down 60% since 1996 and the US, 40%. Europe’s downturn started later, but Germany has also shed more than 40% of its public companies since 2007.
Read full reportSchroders Equity Lens August 2023


Duncan Lamont, CFA
Head of Strategic Research


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Duncan Lamont
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