IN FOCUS6-8 min read

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

This month's Lens looks at cheap stock markets, stocks vs bonds, and a sustainability stock market league table, alongside our usual wrap-up of everything you need to know in equity markets.

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47 pages


Duncan Lamont, CFA
Head of Strategic Research, Schroders

Click here to download your October copy.


  • The expected reward for investing in US equities vs bonds has collapsed (slide 5)
  • But not all equities are expensive: small caps are cheap in absolute terms and vs large caps (slide 6)
  • The Super-7 have given up some but not much of their lead over the rest of the market (slide 7)
  • Markets are cheaper on an equal-weighted basis vs market-cap weighted: opportunities for active managers to find cheap stocks away from the biggest names (slide 8)
  • Companies on the Spanish stock market collectively have the biggest positive impact on society and the environment, according to our new analysis. The German and Danish markets also score highly (sides 10-12)
  • The UK and Dutch markets are at the bottom of our sustainability stock market league table but that ranking misses important features (slides 10-11, plus read more)
  • Corporate profits would be cut hard if the financial cost/benefit of companies’ externalities hit their profit & loss statement (slide 12). This is not a forecast, and only one piece of the puzzle when it comes to assessing the return outlook.

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47 pages

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The views and opinions contained herein are those of Schroders’ investment teams and/or Economics Group, and do not necessarily represent Schroder Investment Management North America Inc.’s house views. These views are subject to change. This information is intended to be for information purposes only and it is not intended as promotional material in any respect.


Duncan Lamont, CFA
Head of Strategic Research, Schroders


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Duncan Lamont

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