Why the next five years belongs to US SMID
A shift from the winners of yesterday Having now entered a period of structurally higher interest rates, combined with potentially slower economic growth, investors should expect a shift away from the market leaders of the last decade. This process has already started; small and mid-cap stocks generated relative outperformance in 2022, while the NASDAQ 100 […]
Economies recover against backdrop of growing confidence
market snapshot
360°, Q1 2023
Inflation, disinflation, inflection
10 Themen, die eine Renaissance der Schwellenlän-
der bewirken oder zunichte machen könnten
Thema 1: Chancen über die Wiedereröffnung hinaus China befindet sich an einem kritischen Punkt und steht vor drei Hauptherausforderungen: geopolitische Rivalität mit den USA, die anhaltenden Auswirkungen der Corona-Pandemie und Probleme im Immobiliensektor. Diese enormen Herausforderungen werden die Entschlossenheit der Führung in Peking auf die Probe stellen. Abbildung 1: Chinesische Anlageinvestitionen (%, gegenüber dem Vorjahr) […]
Ahead of the Curve, Q1 2023
Fast reading: In our baseline scenario, global growth will continue to slow in 2023, reflecting a continuation of the themes that dominated 2022. Inflation has moderated but is still running at elevated levels, significantly eroding real disposable incomes. More importantly, the sharp tightening of monetary policy that major central banks (the Federal Reserve notably) implemented […]
Direction of rates hangs over equities rebound
Market snapshot
Sustainable Global Equity Report, Q1 2023
China’s ‘great reopening’
Global Emerging Markets: Outlook 2023
Fast reading While emerging markets underperformed developed markets in 2022, if you strip out China, emerging markets actually performed in line with the developed world. We expect emerging markets to bounce back in 2023. In addition to trough valuation and light investor positioning, the growth differential between emerging and developed markets is set to expand […]
Fiorino: Many banks, multiple outcomes
Anything can happen. Or, according to one interpretation of quantum mechanics, everything that can happen, does happen. The so-called ‘many worlds’ postulate, first floated in the 1950s by then US physics PhD student, Hugh Everett III, resolves a fundamental enigma of the ‘wave function’ – the mathematical expression of how a quantum system, such as […]
Asia ex-Japan Equity: Letter to Investors
Outperforming us over the long term
