IN FOCUS6-8 min read

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

Epic performance, investor bullishness, even more concentrated markets, and which stock markets look cheap?

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Read full reportSchroders Equity Lens December 2023
48 pages


Duncan Lamont, CFA
Head of Strategic Research, Schroders


  • November was epic for equities: there have only been 11 stronger months for MSCI World since 1969 (slides 5-6)

  • Retail investors are increasingly bullish – having started November in bearish mood. Bullishness can be a contrarian signal: only slightly higher levels have been associated with poor future returns  (slides 6-7)

  • The Super-7 are up 68% this year, the rest of the world, 10%. They now make up more of MSCI ACWI than Japan, UK, China, France and, now almost Canada too, combined (slide 8-9)

  • 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 10)

  • Remember: US companies have consistently delivered higher return-on-equity than other markets. Outperformance is not unwarranted (slide 11)

  • The expected reward for investing in US equities vs bonds continues to fall (slide 12). Non-US markets and small caps (US and international) trade on cheaper valuations (slides 13, 25-27)

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Read full reportSchroders Equity Lens December 2023
48 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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