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

Valuation-dispersion, performance-concentration, style-performance in recessions, and our usual wrap-up of everything you need to know in global equity markets

Photo of La Defense, Paris


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 April copy.


  • Rising valuations propelled markets to a strong first quarter, despite generally weak earnings (slide 10). Europe ex UK topped the pile with a 12.2% gain in USD terms. Emerging markets were weakest but even here returns were 4.4%.
  • Valuation dispersion between companies is elevated, and there is a greater than normal difference of opinion among analysts about the outlook (slide 5). This uncertainty could lead to opportunities for skilled active managers.

  • Different equity styles perform better/worse depending on the stage of a recession but attempting to time jumps in and out could mean missing out on returns. For most investors, diversification is likely to be the best approach (slide 6).

  • Concentration can be a fickle friend/foe. The seven biggest US companies have outperformed the rest by 29% this year, having underperformed by 25% last year (slide 7).

  • Corporate profitability remains under pressure due to rising costs (slide 8).

Charts of the month

Chart showing high dispersion in valuation and earnings forecasts

Click here to download your April copy.


Duncan Lamont, CFA
Head of Strategic Research, Schroders


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