IN FOCUS6-8 min read

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

Index concentration and future returns, equities vs bonds, improving profitability, and which stock markets look cheap?

Photo of San Francisco bay


Duncan Lamont, CFA
Head of Strategic Research, Schroders

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  • The Super-7 continue to dominate. They are up over 50% this year, the rest of the world is flat. They make up more of global portfolios than Japan, UK, China and France combined (slides 5-6)
  • New research, to be published soon, shows that deviating from the market has been a winning strategy when concentration has been high. The tables could be set to turn in favour of more actively managed strategies at last (slide 7)
  • The expected reward for investing in US equities vs bonds continues to fall (slide 8)
  • Not all equities are expensive: small caps are cheap in absolute terms and vs large caps (slide 9)
  • Profit margins are starting to rebound in several markets (slide 19)
  • Earnings expectations for growth companies have been on the rise vs value companies, helping to fuel the growth rally this year (slide 31)

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Duncan Lamont, CFA
Head of Strategic Research, Schroders


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Duncan Lamont
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