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?
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Summary:
- 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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