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  • September 20, 2017
    Equities
    Burned by the churn: Outlasting disruption in the S&P 500
    Michael Russell, CFA
    More than half of today’s S&P 500 constituents are expected to be replaced in the next decade as technological disruptors erode profit margins. Here we ask: how can long-term investors in the US market ensure that their returns are not diminished by disruption? The composition of the S&P 500 index is evolving rapidly. Today, a typical S&P 500-listed company survives on the index for an average of 18 years, compared to a life span of 61 years in 1958.
  • January 26, 2017
    Equities
    Ready for trump’s industrial revolution
    Michael Russell, CFA
    The changing market environment in America is a clear opportunity for US equity investors, according to Michael Russell, Portfolio Manager, US All Cap, at Hermes Investment Management. Since its launch, the Hermes US All Cap Fund has cumulatively returned over 11% in dollar terms against the benchmark return of 8%1. Carefully selecting sectors and stocks to take advantage of President-elect Trump’s policy rotation is vital to continuing this trend. The US market is set to finally shift from the ‘new normal’ of low interest rates, low inflation and limited growth that has dominated since the recession. With President Trump vowing to ramp up fiscal stimulus at a time when unemployment is low and wage inflation is increasing, it seems only a matter of time before growth and inflation begin to pick up in earnest.