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.

Subscribe to our Insights

Visit our preference center, where you can choose which Schroders Insights you would like to receive

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


Please consider a fund's investment objectives, risks, charges and expenses carefully before investing. The Schroder mutual funds (the “Funds”) are distributed by The Hartford Funds, a member of FINRA. To obtain product risk and other information on any Schroders Fund, please click the following link. Read the prospectus carefully before investing. To obtain any further information call your financial advisor or call The Hartford Funds at 1-800-456-7526 for Individual Investors.  The Hartford Funds is not an affiliate of Schroders plc.

Schroder Investment Management North America Inc. (“SIMNA”) is an SEC registered investment adviser, CRD Number 105820, providing asset management products and services to clients in the US and registered as a Portfolio Manager with the securities regulatory authorities in Canada.  Schroder Fund Advisors LLC (“SFA”) is a wholly-owned subsidiary of SIMNA Inc. and is registered as a limited purpose broker-dealer with FINRA and as an Exempt Market Dealer with the securities regulatory authorities in Canada.  SFA markets certain investment vehicles for which other Schroders entities are investment advisers.

For illustrative purposes only and does not constitute a recommendation to invest in the above-mentioned security/sector/country.

Schroders Capital is the private markets investment division of Schroders plc. Schroders Capital Management (US) Inc. (‘Schroders Capital US’) is registered as an investment adviser with the US Securities and Exchange Commission (SEC).It provides asset management products and services to clients in the United States and Canada.For more information, visit

SIMNA, SFA and Schroders Capital are wholly owned subsidiaries of Schroders plc.