Tag Archive: revisions

Rare event: Europe looking better than the US

22 June 2022 After nearly a decade of US equities mostly outperforming those in Europe, our indicators are finally more decisively aligned in favor of Europe now. Fundamental momentum has shifted to Europe now All of the indicators in the…
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Macro events overshadow a positive earnings season

24 February 2022 With macro events dominating the headlines (Ukraine, Fed, oil), along with a high-profile “blow up” or two (i.e., Meta, PayPal), it is perhaps not surprising that there has been less attention lately on the overall Q4 earnings…
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Tilting toward Growth over Value

18 November 2021 One of the themes in our sector/style work recently has been to tilt somewhat more toward Growth over Value and Cyclical areas within the US market. Why? Three key factors support Growth over Value, while one remains…
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Time to take profits in Financials?

14 October 2021 As Q3 earnings season gets underway, stocks in the Financials sector are in focus as they are typically among the first to report earnings. While history indicates companies are on average likely to beat Q3 estimates, our…
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Emerging Markets fundamental momentum still very weak

2 September 2021 In our regional allocation work, we have been underweight in Emerging Markets relative to developed markets since May, and remain so currently. A key reason for our continued underweight stance is that the relative fundamental momentum for…
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Market volatility vs Style volatility

4 August 2021 Equity market volatility has been declining this year and has recently been below the long-run average. However, under the surface of the calm at the major index level, style rotation between Growth and Value has been extremely…
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Cyclical sectors still have the fundamental momentum

24 June 2021 One of the biggest questions we have been getting from clients is “is it time to rotate out of Cyclical/Value sectors toward Growth (or Defensive) sectors?”. Based on our measures of fundamental earnings momentum and macro views,…
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